Estimated Taxes AFTER filing a return

Forum|Forum|4 years ago
June 27, 2022
9 replies
49 views

Hello. I've already filed my 2021 return and am only now realizing I may need to make estimated taxes (freelance income I had not anticipated). Is it possible to go back into TurboTax (I'm using the desktop version) and get help estimating taxes for next year?

If so, how would I do that? The only instructions I've seen say that "with the return open, search for '1040-es,'" but when I do that, all that comes up is help navigating my main 1040 form.

Thank you.

NCperson

Level 15

@winnc in the desktop version, go into Forms View. Search for the "what if" worksheet - that will permit you to estimate 2022 taxes

winncAuthor

Level 2

thank you.

Would you mind telling me how exactly I should search for the form. I clicked on the "open forms" button and put "what if" in the search box, but nothing comes up.

VolvoGirl

Level 15

If you are using the Desktop Software there is a What-if worksheet. Go to Forms Mode, click Forms in the upper right (left for Mac). Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. Or you can copy your file with another name and test in the copy. Go to FILE-SAVE AS.

But I don't think the What-If worksheet will help you prepare the estimates.

VolvoGirl

Level 15

Sure I do it all the time. Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

And you can switch to Forms and open the Estimated Tax Payments Options sheet. You can even select to print the estimates with just your personal info and no amounts. You can play with and tweak the amounts. You can open the individual 1040ES forms and override the amounts.

VolvoGirl

Level 15

To just estimate the remaining quarters put in that you paid $1 for the missed quarters so it will only calculate the remaining quarters.

The 1040ES quarterly estimates are due April 18 June 15, Sept 15 and Jan 17, 2023. Your state will also have their own estimate forms.

Here are the blank Estimates and instructions (the actual 1040ES forms are at the very bottom so scroll way down)

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

You can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2022 Estimate

winncAuthor

Level 2

Thank you, so helpful.

In my case, it's weird because I have w-2 income and then also freelance self-employment income. I've never made enough to need to pay estimated taxes, but I will need to this year. However, I got a refund last year, so it looks like perhaps I won't need to pay estimated taxes but for this year at least can simply put the funds aside and pay them with the 2022 return -- and then re-evaluate for 2023. Is that right?

VolvoGirl

Level 15

Maybe or maybe not. Will you still have the W2 income? You can increase the W2 withholding to cover any self employment tax. If you owe too much on your tax return you may have to pay a penalty for not paying in enough evenly during the year.

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire.