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My partnership for which I get K-1 earns income in later quarters than eariler quarters during the tax year. How can I add allocation the income in by tax return by quarter? Where is that done?
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Nowhere on the main tax forms do you enter when, during the year, your income was received.
This is only an issue in calculating the underpayment penalty, if any. So, you just enter the quarterly estimated payments that you did make and TurboTax (TT) will determine if an underpayment penalty is due and prepare form 2210 if it is. If TT determines that an underpayment is due, you will be given the chance to use the "annualized method" to calculate the penalty.
If you don't want to wait to see if TT does all that, you can initiate form 2210. In TT enter at:
Federal Taxes (Personal in H&B version)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties
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