turbotax icon
cancel
Showing results forĀ 
Search instead forĀ 
Did you mean:Ā 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rcusick94
New Member

I am self employed and receive uneven income and want to use the annualized installment method. Does Turbotax/Quickbooks have any resources for this?

I am looking to do the payments based on each quarter, NOT based on the four equal payments method. I appreciate any guidance.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MaryK4
Expert Alumni

I am self employed and receive uneven income and want to use the annualized installment method. Does Turbotax/Quickbooks have any resources for this?

If you earned your income unevenly through the year, you may be able to reduce or eliminate your underpayment penalty if you annualize your income during certain periods in the year.

 

To do this, you need to know your income and expenses for these periods:
- January 1 through March 31
- January 1 through May 31
- January 1 through August 31

This method benefits you most when you received most of your income later in the year.  You must enter the cumulative amount for each period, not just the income from each quarter.  

 

See What is Form 2210? - TurboTax Tax Tips & Videos - Intuit.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I am self employed and receive uneven income and want to use the annualized installment method. Does Turbotax/Quickbooks have any resources for this?

no. what's in say the 2022 app is based on 2022 tax law while for 2023 the required payments are based on 2023 tax law. this includes all taxes net of tax credits including self-employment taxes.   You would likely need the desktop app to do the calculations then use the ai worksheet in Turbotax  - but remember these  calculations including the required payment each period is based on 2022 tax laws 

you need to compute for each period

1) your AGI 

2) your QBI deduction - you could use zero to be safe

3) self-employment income for purposes of the self-employment tax

4) other taxes but you can ignore other tax credits

5) if you itemize your itemized deductions as limited 

 

 

 

look at the AI schedule on the 2210

https://www.irs.gov/pub/irs-pdf/f2210.pdf 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question