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I unexpectedly received a large amount of income in 12/2021, and is charged with a large underpayment tax penalty. I was told to use “annualize income” to hopefully reduce or eliminate the penalty. I started the annualized income method in my TurboTax Deluxe, and it asked me to enter AGI for each quarter (Q1 is Jan to Mar, Q2 is Apr-May, Q3 is Jun-Aug, Q4 is Sept-Dec). It will take a lot of work to calculate the AGIs manually. I receive dividend incomes as well as exempt interest dividends throughout the year from various investment funds. I also receive social security income, which requires worksheets to decide how much is taxable depending on the quarter. Is there a way to enter these numbers so that TurboTax will do the calculations for me?
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no that's something you have to calculate.
Thank you for letting me know. I'm disappointed that TT does not do more to help.
I agree, Turbo tax has all the information to calculate quarterly AGI, it is ridiculous that this needs to be calculated manually!
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