Re amending 2024 fed tax return to use annualized income installment method

[treeple95]

Filing 2024 fed tax return today paying an underpayment penalty using 4 equal quarters in part III of Form 2210.

Can I later amend 2024 fed tax return to refigure underpayment penalty using annualized income installment method in Schedule AI of Form 2210 since a good portion of AGI occurred in 4th quarter? 

Using TurboTax Deluxe desktop

[LindaS5247]

You can amend your 2024 tax return after you e-file it and your return is completely processed.  

If you are amending your 2024 tax return and you filed your original 2024 tax return in TurboTax you will be able to e-file your amended return. ‌ There are some circumstances where you will be unable to e-file your amended 2024 return and you will have to mail it in. TurboTax will tell you if it has to be mailed and how.

You can use this IRS tool to determine if you should amend your tax return, click here and select "Begin" to enter your information. It will ask you questions about your issue.

Three weeks after mailing your amendment, you can start tracking it at Where's My Amended Return? on IRS.gov.

Click here for how to file an amended return.

Click here for additional information on Form 1040X.

[treeple95]

Regardless if I efile with Turbotax or use USPS to mail my 2024 return on 4/15/25 & pay the  underpayment penalty amount by using 4 equal quarters in part III of Form 2210 (Penalty Computation).

Can I later amend 2024 fed tax return to refigure underpayment penalty using annualized income installment method in Schedule AI of Form 2210 since a good portion of AGI occurred in 4th quarter? 

[CatinaT1]

Yes.

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. 

• You must first wait until the initial return is completely processed.
• You will have to use the same TurboTax account that you used for the original tax return.
• Once you begin your amendment, you'll see your original return.
• The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Only make changes to the areas of your return that need to be corrected.
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions. 

Amend TurboTax Online 

Amend TurboTax CD/Download 

[treeple95]

Somewhere I read that I can't change quarterly accounting methods for 2024.  

Just confirming that I can file 2024 individual federal tax return on 4/15/25 as calculated in Part III of Form 2210 with each quarter as 25% of the Required annual payment found on line. 

Then amend 2024 return to calculate quarterly taxes using Schedule AI Annualized Income Installment Method in Form 2210 which calculates a higher AGI in the 4th quarter and lower amounts in the first 3 quarters?