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Level 2

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

A question came up when I initially did the Oregon taxes to ask if income was consistently earned during the year.  I answered 'yes' but that is not so and I need to get back to the question.

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Level 1

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

You were probably in the section of the OR interview dealing with the underpayment penalty.  To get back there, please follow these steps:

  1. When you go back into your OR return, you will see the screen, Your 2018 Oregon taxes are ready for us to check.
  2. In the Other situations section, click the Edit box.
  3. On the screen, A few things before we wrap up your state taxes, click the Start/Revisit box next to Underpayment of interest (Form 10).
  4. You will eventually come to the screen, Use Annualized Income Method?  Mark the Yes box and continue through the interview.

View solution in original post

6 Replies
Level 1

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

You were probably in the section of the OR interview dealing with the underpayment penalty.  To get back there, please follow these steps:

  1. When you go back into your OR return, you will see the screen, Your 2018 Oregon taxes are ready for us to check.
  2. In the Other situations section, click the Edit box.
  3. On the screen, A few things before we wrap up your state taxes, click the Start/Revisit box next to Underpayment of interest (Form 10).
  4. You will eventually come to the screen, Use Annualized Income Method?  Mark the Yes box and continue through the interview.

View solution in original post

Level 2

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

Is there a form I need to fill out in Federal and Maryland Income Tax return to indicate uneven quarterly income.  My RMD came in at the end of the calendar year in a lump sum.  That makes my early quarterly estimate tax too low.  

Level 20

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

Are you filling out for the underpayment penalty or to figure quarterly estimates for 2019?

 

For penalty....

You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

 

If you have the desktop program you can switch to Forms Mode (click forms in the upper right (left for Mac)) and open the 2210 form.

 

To prepare Estimates

You can just type W4 in the search box at the top of your return,  click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

Level 2

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

Thanks.  I do not owe penalty tax in the federal tax return, but in the Maryland Tax return.  I thought the income distribution information is entered in the federal return.  But if that is for Maryland Tax return, where can I find it?

 

Also I superfunded a 529 account and need to file form 709.  I look in the form tab and cannot find Form 709.  How do I file Form 709 in Turbo Tax?  

Level 20

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

709 is a Gift Tax Return if you make a gift to someone.  Turbo Tax does not have or support 709 return.

 

Here is a blank form 709….

http://www.irs.gov/pub/irs-pdf/f709.pdf

 

And the instructions….

http://www.irs.gov/pub/irs-pdf/i709.pdf

Level 20

Our income is not evenly distributed throughout the year. Where do I find the section that allows me to key in our distribution?

Look in the MD interview for the underpayment penalty section to use an annualization option ... and why don't you simply have withholding come out of the RMD to avoid this trouble since all withholding (even if done on 12/31) are considered evenly done throughout the tax year just like withholding on paychecks.