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New Member
posted Jun 7, 2019 4:06:42 PM

How do i calculate estimated taxes for next year using ANNUALIZED method?

Asking this in 4th quarter of 2017...  Does TurboTax 2016 have the ability to calculate estimated taxes for next year (2017) using the ANNUALIZED method?  The estimated tax topic I found so far only provides ability for total year income divided into 4 even payments.  My 2017 income will be very un-even, hence my request for assistance crunching the numbers for the annualized method.

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1 Replies
Level 13
Jun 7, 2019 4:06:44 PM

I assume that you are really using a desktop version of TurboTax as reported in the icon next to your user name.

The best way to do this is to create a new income tax return using the software putting in your best estimates of what your 2017 income tax numbers will look like.  Presumably the answer will will show that you will reporting an underpayment penalty.  You'd then use the "Underpayment penalties" interview under the "Other Tax Situations" tab.  That interview allows you to annualize.

Tom Young