I sold about $100K of a mutual fund in November and TurboTax Form 2210 is prorating the sale it over the entire year resulting in a penalty for not paying a sufficient amount of estimated tax in each of the preceding three quarters to cover the resultant tax. I didn't know I was going to sell the fund until November so why should I be penalized for not paying estimated tax to cover it in the first three quarters?
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Since your total income from the year was irregular because of the sale of the mutual fund, you may want to try the annualized income method to lower the penalty.
To do this please follow these steps:
Does TT Deluxe have form 2210 available?
Or does TT Premier have form 2210 available?
How much does each version assist in completing the form?
Thanks, Edale
Which versions of TT has form2210 available?
Yes, the 2210 is available for all TurboTax. Go to Other Tax Situations and do the section "Underpayment Penalties".
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