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Deductions & credits
You can use the Annualized Income Installment Method.
If you don’t receive your income evenly throughout the year (for example, your income from a repair shop you operate is much larger in the summer than it is during the rest of the year), your required estimated tax payment for one or more periods may be less than the amount figured using the regular installment method.
In Turbo Tax, look for the screen that says "Possible Penalty Exception" - go through and answer the questions and TurboTax will create the forms needed to report to the IRS to have the penalty removed.
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February 1, 2021
4:24 PM