Hi, Marilyn,
Thank you so much!
2022 was an unusual year for me. I had W-2 income for only the first 3 months, rental income through August, interest income varies month to month and finally large capital gains in December for the sale of the rental property. Because of the tax withheld on W-2, I would have received tax refund before I entered the sale into TurboTax. So in my case, do I have to add up each item of income for each period rather than divide by 4 quarters? Seems to me I would need to file Form 2210 because my income varied and penalty can be reduced by treating the tax withheld as paid during the first quarter? How do I get the exception to penalty with or without Form 2210? It seems penalty is automatically calculated and added to my total tax amount due. Separately, if I made an estimated tax payment in the next couple of days before I finalize my return, would the payment eliminate or reduce the penalty?
Thanks so much!
