- Go to the Input Return tab.
- From the left of the screen, select Payments, Penalties & Extensions and choose Penalties and Interest (2210).
- Enter the Filing date.
- From the left of the screen, select Annualized Income Installment Method.
- Enter the adjusted gross income for each period in the AGI field.
- Enter -1 to indicate zero.
- The 4th quarter's amounts will be automatically calculated from the return.
All items marked [Override] on this screen will be completed automatically using amounts from the tax return, if no entry is made.
There's no worksheet or form to calculate Alternative Minimum Tax (AMT) with the annualized method. If your client is subject to AMT you will have to manually calculate it outside of the program.
