2454221
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

valenzuela93
Returning Member

2022 Estimated income taxes 1040ES voucher

I just filed my taxes.  I am receiving a Fed refund of about $3,800 and I have to pay the state about $1,800.  2021 was an extraordinary year which showed my income increase by $187K due to the elimination of my old company's deferred comp plan.  As a result, they ended the plan and forced a distribution.  This inflated my earnings significantly to a taxable income of $358K  and my total tax liability came to $76K but I made tax payments of $80K.  After I filed, it printed vouchers for me to do estimated quarterly tax payments of $2,063 per quarter.  I changed jobs in mid-2021 and now I expect my 2022 taxable income to be $253K.  I am married filing jointly with 2 kids and I claim 0 on both the state and fed taxes.  How would I calculated what my estimated tax obligation would be and would I need to prepay estimated taxes based on the above?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

2022 Estimated income taxes 1040ES voucher

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

 

You can figure them out yourself.

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

 

Or 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

 

 

JillS56
Expert Alumni

2022 Estimated income taxes 1040ES voucher

Adding to VolvoGirl below is a link that gives some information on how to calculate your estimated payments.   

 

Estimated Taxes

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question