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scicineast
New Member

My Q4 income increased. will turbotax have form to account for my unequal/weighted Q4 estimated tax payment so i dont get penalized?

 
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Hal_Al
Level 15

My Q4 income increased. will turbotax have form to account for my unequal/weighted Q4 estimated tax payment so i dont get penalized?

Yes. When TurboTax detects that you have a penalty, it will ask you if you want to use the "annualized" method to calculate the penalty. Answer yes.

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2 Replies
Hal_Al
Level 15

My Q4 income increased. will turbotax have form to account for my unequal/weighted Q4 estimated tax payment so i dont get penalized?

Yes. When TurboTax detects that you have a penalty, it will ask you if you want to use the "annualized" method to calculate the penalty. Answer yes.

VolvoGirl
Level 15

My Q4 income increased. will turbotax have form to account for my unequal/weighted Q4 estimated tax payment so i dont get penalized?

You may have to use Deluxe or higher for it.

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

It's under
Federal Taxes or Personal (for H&B/Self Employed version)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button
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