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geomcvicar
Returning Member

How to Use the Annualized Income Installments Method for Qualified Dividends that have been "Adjusted" ("Paid/Adjusted in 2024 for 2023")

I need to use Form 2210 Underpayment of Estimated Tax Form to eliminate the estimated tax penalty TurboTax is currently generating because my income varied during the year due to a large IRA to Roth conversion in 4Q.  I need to use the annualize income installment method and have worked through the data calendarization for everything EXCEPT the Qualified Dividends.  TurboTax wants me to 1099-Div Box 1b Qualified Dividends.  Looking at my Tax Year Form 1099 Composite, the 1099-Div Qualified Dividends have been "Adjusted" ("Paid/Adjusted in 2024 for 2023").  I have the detail which ties to the Amount Paid in 2023 and can calendarize that amount however do not know what to the with the "Adjusted in 2024" amount for the 2023 calendarization so it ties to the 1099-Div amount.  Advice on what do do would be greatly appreciate.

Thanks in advance.

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1 Reply
DianeW777
Expert Alumni

How to Use the Annualized Income Installments Method for Qualified Dividends that have been "Adjusted" ("Paid/Adjusted in 2024 for 2023")

Yes. The amount of qualified dividends that was reported in 2023, regardless of any adjustment in 2024, must be used to determine the amount of income and tax for the appropriate calendar quarters. Use that amount to annualize your income for each period.

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