Annualization of Income to prevent underpayment penalty

[mdcbk]

I made a large Roth conversion from an IRA in December, and paid additional estimated taxes for it in the same month. Turbotax assessed an underpayment penalty (I understand why). I have two questions regarding the Annualization interview for reducing the penalty.

I get a retirement distribution in January, and any remaining income throughout the year is Div/Int, all of which is relatively easy to calculate for the income portion of the interview. However the next page of the interview asks for short-term gains, long-term gains, and qualified dividends for the three time periods. The data is on my 1099 pdf, and also imported into Turbotax. Two of my accounts are tax-managed to reduce capital gains and have >150 sales and dividend entries each. It would take a very long time to hand-key all this data into a spreadsheet to calculate. Is there a way to copy this data either from turbotax or my 1099  to put it into a spreadsheet so I can calculate?

I also have a capital loss carryover from previous years that I applied as a $3000 loss this year. How do I factor that into the 3 time periods? Can I just put $0 into the ST /LT gains/loss fields? 

Thanks for your help!

[MarilynG1]

You're not required to complete the Annualization worksheet to avoid an Underpayment Penalty.  Since your Roth conversion was a one-time event, you could Delete Form 2210 from your return and let the IRS figure any penalty and bill you (which probably won't happen in your situation).

If you do complete the Annualization worksheet, you could take your 2024 income, divide by 4 and enter that amount for each of the four quarters, rather than doing all the work to calculate every income category. 

Here's more detailed info on Form 2210.

@mdcbk