topic Annualizing in Get your taxes done using TurboTax

Annualizing

YP55 — Tue, 04 Mar 2025 22:08:06 GMT

Hi,

I converted part of my traditional IRA to a Roth IRA in November 2024.

I understand that I need to pay taxes on the conversion, but I also need to pay underpayment penalties because TurboTax assumes that all income is taxed evenly across all four quarters. It used to be that searching for "Jump to annualizing your tax" (or something similar) would take me directly to the section where I could enter my quarterly income and avoid the penalty. But now, the search just brings up a digital assistant with a bunch of unnecessary information.

Does anyone know how to access the annualizing section in TurboTax Premier 2024 (desktop)?

Thanks.

Re: Annualizing

ThomasM125 — Wed, 05 Mar 2025 02:40:13 GMT

You need to go to the Other Tax Situations section, and find Additional Tax Payments, then Underpayment penalties. You can work through that section and Form 2210 will be populated to allow you to have your underpayment penalties be calculated based on the timing of the receipt of your income.

Re: Annualizing

YP55 — Wed, 05 Mar 2025 15:44:08 GMT

Thanks Thomas. You are a life saver... I wish TT can bring old "Search" back.

Re: Annualizing

DoninGA — Wed, 05 Mar 2025 15:51:14 GMT

@YP55 To turn off the AI for Searches when using the TurboTax desktop editions -

Click on the File tab at the top left of the desktop program screen

Click on Sign in as (your User ID)

Click on Sign out and then click on Sign out again

Click on Search at the upper right of the program screen

On the Sign In window click on the X to close

The Search function will now operate normally

Re: Annualizing

YP55 — Wed, 05 Mar 2025 19:53:49 GMT

Wow... Thanks... Not very intuitive , but good to know it's possible...