I unexpectedly received a large amount of income in 12/2021, and is charged with a large underpayment tax penalty. I was told to use “annualize income” to hopefully reduce or eliminate the penalty. I started the annualized income method in my TurboTax Deluxe, and it asked me to enter AGI for each quarter (Q1 is Jan to Mar, Q2 is Apr-May, Q3 is Jun-Aug, Q4 is Sept-Dec). It will take a lot of work to calculate the AGIs manually. I receive dividend incomes as well as exempt interest dividends throughout the year from various investment funds. I also receive social security income, which requires worksheets to decide how much is taxable depending on the quarter. Is there a way to enter these numbers so that TurboTax will do the calculations for me?
