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6yee
Level 2

Can TurboTax calculate quarterly AGIs for the Annualized Income Method?

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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3 Replies

Can TurboTax calculate quarterly AGIs for the Annualized Income Method?

no that's something you have to calculate.

 

6yee
Level 2

Can TurboTax calculate quarterly AGIs for the Annualized Income Method?

Thank you for letting me know.  I'm disappointed that TT does not do more to help.

marie2023
New Member

Can TurboTax calculate quarterly AGIs for the Annualized Income Method?

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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