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Maryland annualized income

Our income was very uneven in 2024, and annualizing income on the Maryland return to avoid underpayment penalty has been available in Turbotax in the past, but I don't see it this year. Why not?

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4 Replies
LenaH
Employee Tax Expert

Maryland annualized income

Please follow the instructions below to use the annualization method on your Maryland return:

  1. Open your state return.
  2. Continue until you reach the page, A few things before we wrap up your state taxes.
  3. Click Start or Revisit next to Interest on Underpayment of Taxes.
  4. Enter the date you will file your return.
  5. On the screen Underpayment Exception, answer no.
  6. On the screen Underpayment Interest, answer yes.
  7. On the screen Your Interest, select Use annualization method
  8. Enter the information on the following screens. 
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Maryland annualized income

I do not have the topic "Interest on Underpayment of Taxes" on my "A few things before we wrap up your state taxes." page. If I did I certainly would have gone there. I closed and restarted to be sure I had software updates. I am using desktop Turbotax Deluxe for Windows.
AmyC
Employee Tax Expert

Maryland annualized income

Since you are using the desktop version, you can switch over to forms mode. The MD 502UP shows income annualization and computation of interest. 

You can right click to override or find the data source. It is best to go to the data source for entries.

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Maryland annualized income

I have poked around behind the scenes, and I can get the penalty to go away, but in the depths of my brain, I recall not being able to file electronically because I changed something manually. Is that still true? Please explain "best to go to the data source". What constitutes an "override", and is that what prevents (or prevented) filing electronically? I appreciate your help, thanks. Samantha

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