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samuel-d-meyer
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
samuel-d-meyer
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.
CristinaTLewis
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!!

emmy2
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!

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