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Level 1

Solved

Estimated taxes

Forum|Forum|6 years ago
March 3, 2020
3 replies
36 views

I owed more than $1000.00 this year on over 150,000 this year 2019. One time windfall in October. Figured I'd pay when taxes are due. I will not owe any taxes in 2020. 100 percent of 2020 taxes will be paid with employee deduction. Do I still need to match 110 percent withdrawn from 2019 taxes in 2020 to not pay estimated taxes

Best answer by MinhT1

No. If you estimate that your 2020 tax will be covered by your payroll deductions, then you do not need to pay estimated taxes for 2020.

MinhT1Answer

Level 15

No. If you estimate that your 2020 tax will be covered by your payroll deductions, then you do not need to pay estimated taxes for 2020.

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Level 2

I paid estimated taxes for 2020. On Turbo Tax forms where do I submit that information?

Level 15

You can type estimates paid in the search box at the top of your return and click Find and it will give you a link to Jump To it.

OR

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to

Federal on left or at top. Personal (Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated Taxes - click the Start or Update button