How do i determine annualized income for nc state tax return?

shafrath — Tue, 04 Jun 2019 23:43:52 GMT

If you're trying to reduce or eliminate an underpayment p...

TerryA — Tue, 04 Jun 2019 23:43:54 GMT

If you're trying to reduce or eliminate an underpayment penalty and you had a substantial increase in income in the latter part of 2017, then annualization is the way to go. There are 3 periods for which you have to figure out your adjusted gross income and itemized deductions if you used those this year: 1/1-3/31/2017; 1/1-5/31/2017; and 1/1-8/31/2017. Those amounts are cumulative, always starting on Jan 1, 2017.

You just have to figure the amounts out for yourself. If you earned some income, or incurred expenses, rateably over those periods then it's easy: total for the year divided by 12; multiply that result by 3, 5 & 8 for those 3 periods.

topic How do i determine annualized income for nc state tax return? in State tax filing

How do i determine annualized income for nc state tax return?

If you're trying to reduce or eliminate an underpayment p...