Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Showing results for 
Search instead for 
Did you mean: 
New Member

Can I cancel annualizing income?

I saw that I had a small fee for Underpayment Penalties, so I accepted TurboTax's offer to try to annualize payments. However, once I realized that doing all the work of annualizing was really complicated, I decided to cancel this and just pay the small fee. However, even after now telling TurboTax that I do not want to attempt to eliminate the penalty, it still requires me to file Form 2210AI, but it has an issue because I did not fill in all the information. Is there any way to reset annualizing taxes back to before I clicked "Yes"?

3 Replies
New Member

Can I cancel annualizing income?

If I had gone all the way through the wizard, there is eventually a box that can be unchecked to cancel. That was annoyingly hard to find because you can't stop partway when you realize how much work it is.
Level 1

Can I cancel annualizing income?

To others who had this same problem:  I also started to annualize, and realized I would need to have quarterly info on EVERYTHING, including capital gains, dividend, interest, cap gains tax breakdown, etc. Wasn't worth it. However, the only way I could eliminate being in the 'annualized' mode was to switch to Forms and delete all forms 2210 and 2210 worksheets that existed. Then I saved, quit, started over, and was back in  non-annualized mode. Turbotax is not convenient if you change your mind or need to make a correction!!

Level 1

Can I cancel annualizing income?

Thank you. I'm in the same boat. My penalty is $2, but IRS forms are asking me to figure by quarter all the capital gains, dividends, etc., etc. Impossible for me to figure out.  So thanks for your tip!

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.



Manage cookies