
Anonymous
Not applicable
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
what do you mean by my sums are only lump-sum for the year
there are two ways to calculate the underpayment penalty. the first assumes your income is earned equally throughout the year and so is your withholding unless you enter you actual withholding (in PART II of 2210 check box D) and enter actual withholding below. any estimated tax payments use the date you entered for payment. if blank then the due date is assumed.
there is also the option to figure your tax penalty using the annualized income installment method where you have to use your actual income and expenses for the periods listed at the top except the entire year column which is automatically populated. in part II of 2210 check box c and use the quickzoom.
‎October 7, 2019
10:49 PM
4,294 Views