You may be able to reduce or eliminate the penalty for late payments by completing the Annualized Income Installment Method schedule that is part of Form 2210. This schedule allows you to enter your income by quarter, which may make a difference in how your tax and penalty is calculated. You do need good records for income and expenses by quarter to make use of this schedule.
To enter this information in TurboTax, go to Federal Taxes >> Other Tax Situations >> Underpayment penalties. Follow the prompts and continue to the Annualized Income Method, click the Yes button, and enter your information as requested.
If you decide this method is not helpful, you can decline to use it, and the form will be deleted.
Additional IRS Information:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
