MarilynG1
Expert Alumni

Investors & landlords

If you are not normally subject to Underpayment Penalty, you would most likely qualify for an exception to the penalty for 2022, if it was only the Capital Gain from the sale of one property that caused the underpayment for 2022.  

 

Form 2210 can be used as a worksheet and doesn't need to be filed with your tax return in many cases. It can be used to determine if there is a penalty and you may be able to leave Form 2210 off your return and have the IRS calculate your penalty and send you a bill if there is one.

 

If your income is generally even throughout the year, and you want to 'annualize' your income, take your total yearly interest, net rental income (loss), etc. and divide by 4 to report the same amounts for each quarter. 

 

Here's more detailed info on Form 2210. 

 

@1597980 

 

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