- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Annualizing Income to avoid underpayment (CT vs. Federal)
To start with, we did not underpay state or federal estimated taxes. Rather we had *very* uneven Schedule C income, with virtually all of that income in the third and fourth quarters.
Our preliminary numbers show that we do not have any underpayment penalties with our Federal return, and no Form 2210 was generated by TT for the Fed return (no prompts, no form 2210 in fed form list). However, we *do* show underpayment penalties for our CT state return.
I'm absolutely certain we would benefit from filling in an "Annualized Income Installment Schedule" on CT's form 2210, but the CT 2210 forms in TurboTax do not appear to include the annualized income schedule (CT-2210 Schedule A). I'm wondering if this is because no Form 2210 with Schedule AI was generated for the Federal return?
Is there a way to force a Form 2210 at the Federal level, with Schedule AI? And if so, would that be carried over to the appropriate CT form?
Any advice? I'm really eager to avoid a paper filing...