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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.
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
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