You could try and reduce the penalty by using the Annualized Income Method.
See the instructions below. Keep going, and when you get to the Annualized Income Method screen, answer Yes if you want to see if we can reduce the penalty.
We'll automatically generate a Form 2210 if your return needs it. Or you can revisit this section:
- Sign in to TurboTax and open or continue your return.
- Search for underpayment of taxes.
- Select the Jump to link in the search results.
- The Underpayment Penalties screen will display the penalty amount. Select Continue to review this section and make any needed adjustments.
- Note: If you see No Underpayment Penalty, you either haven't entered your income and/or estimated tax payments yet, or you aren't subject to an underpayment penalty.
Source: TurboTax FAQ
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