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turbo tax not permitting annualized income! Why?
Why does Turbo Tax not permit annualized income for a roth conversion on Maryland state taxes? It forces the AGI to split up into four quarters vs. the annualize income allowing for recognition of when income was made. If you converted funds in December 2023, the tax implication should not be for the entire year thereby causing an underpenalty. Turbo Tax needs to have the ability to annualize the income because the state of Maryland permits it.
‎February 26, 2024
9:54 AM