Yes, it works when I tried it just now in the online version of TurboTax.
It asks you if you want to try to reduce your underpayment penalty by using the annualized method and you say yes. Then it asks you to break your income down per each period (Each period begins with January through the ending date) with the ones before it. Then it asks you to break down your withholding per period with each period only showing the amount for just that period.
Then it tells you the amount of penalty calculated.
Taxes are a "pay as you go system". You are supposed to pay taxes on the income as you earn it. Then, when you get to the end of the year, the correct amount of taxes should be paid in to cover the income earned. If you do not pay them as you earn the income, then you can be subject to an underpayment penalty to be due in addition to the balance due on your tax return.
