annualized income information

[trinhvanngu]

My wife and I are filing jointly as married this year. However, I sold stocks multiple times in 2024. How can I enter the annualized income for each period? Do I need to sum all the sold stocks for each period and enter the total for the respective period?

Additionally, I noticed that TurboTax generated Form 2210 AI with both my name and my wife's name, but only my SSN is listed. Is that fine?

[DianeW777 · Accepted solution]

Yes, you need to total the gain/loss of stocks sold for each period and enter the total for each respective period. Yes, only the SSN of the first person listed on the tax return is required on Form 2210.

[trinhvanngu]

Thank you so much.

My wife and I also have income from a W-2. Which number should I use? And how should I annualize it—should I divide it across each period?

[DianeW777 · Accepted solution]

It depends. If the wages were earned relatively evenly throughout the tax year then can be annualized by dividing it by 12 and the multiply for the months for each period.