If you earned your income unevenly through the year, you may be able to reduce or eliminate your underpayment penalty if you annualize your income during certain periods in the year.
To do this, you need to know your income and expenses for these periods:
- January 1 through March 31
- January 1 through May 31
- January 1 through August 31
This method benefits you most when you received most of your income later in the year. You must enter the cumulative amount for each period, not just the income from each quarter.
See What is Form 2210? - TurboTax Tax Tips & Videos - Intuit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
