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swhite
New Member

Turbo tax assumed all withholdings were equal amounts. How do I input the exact dates

I put in exact dates, but review is showing an error message - that it must be the same each quarter
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2 Replies
AmyC
Expert Alumni

Turbo tax assumed all withholdings were equal amounts. How do I input the exact dates

Follow these steps to select annualized method: (You must be using the annualized method of reporting income before you can use different amounts for tax payments.)

  1. Go to Federal > Other Tax Situations.
  2. Look for Underpayment Penalties.
  3. Select Annualized Income Method.
  4. TurboTax will ask you to break down your income and payments
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Turbo tax assumed all withholdings were equal amounts. How do I input the exact dates

Withholding is assumed to be equal throughout the year.  This is taxpayer friendly.  So even if a taxpayer was paid $50,000 during the year, but all federal withholding was paid in during the last month, the IRS will assume equal withholding during the year.  This is actually a strategy many taxpayers use to avoid underpayment penalties.  This really only works when the taxpayer has control over the business / payroll.

Why are you wanting to put in exact dates?

Are you being assessed a penalty?

 

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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