how to start preparing calculating 2022 Estimated Taxes using turbotax online? where to click so TurboTax can start automatically calculate my estimated tax payments? (my 2021 federal return was accepted)
or do I better buy desktop version for that?
@ mryolanusa
wrote:how to start preparing calculating 2022 Estimated Taxes using turbotax online? where to click so TurboTax can start automatically calculate my estimated tax payments? (my 2021 federal return was accepted)
or do I better buy desktop version for that?
You should be able to go through the 2022 estimated taxes interview in Online TurboTax. Here's how:
You said you have already filed your 2021 return. Here's how to open your already-filed return back up to go through the estimated taxes interview, calculate estimated tax payments, and print out 2022 Form 1040-ES vouchers, if desired. If you don't want to pay the 2022 quarterly taxes by mailing vouchers and checks, we can tell you how to make quarterly payments electronically online at the IRS Direct Pay or Treasury EFTPS website..
NOTE: When you open your return back up, do not make any changes in the return itself since it's already been filed. It's OK to go through the estimated taxes interview that I describe below, but do not make changes in the original return--just in case you later have to amend it, which must start out exactly as originally filed.
You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments for 2022. There is also a place in that interview to enter what you have already paid for 2022 (if applicable), and it will let you include any expected income changes or any other changes you have for 2022.
@ mryolanusa
wrote:how to start preparing calculating 2022 Estimated Taxes using turbotax online? where to click so TurboTax can start automatically calculate my estimated tax payments? (my 2021 federal return was accepted)
or do I better buy desktop version for that?
You should be able to go through the 2022 estimated taxes interview in Online TurboTax. Here's how:
You said you have already filed your 2021 return. Here's how to open your already-filed return back up to go through the estimated taxes interview, calculate estimated tax payments, and print out 2022 Form 1040-ES vouchers, if desired. If you don't want to pay the 2022 quarterly taxes by mailing vouchers and checks, we can tell you how to make quarterly payments electronically online at the IRS Direct Pay or Treasury EFTPS website..
NOTE: When you open your return back up, do not make any changes in the return itself since it's already been filed. It's OK to go through the estimated taxes interview that I describe below, but do not make changes in the original return--just in case you later have to amend it, which must start out exactly as originally filed.
You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments for 2022. There is also a place in that interview to enter what you have already paid for 2022 (if applicable), and it will let you include any expected income changes or any other changes you have for 2022.
Where in turbotax do I calculate 2022 estimated tax.
No matter which way I approach it, I get the answer "No Estimated Payments Required" I should see an approximate $320 quarterly estimate.
I was able to prod the federal into working by going through the W-4 interview, but the state will not work. I am finding this year's version to be exceptionally buggy. I have been using Turbo Tax far in excess of 20 years.
It would be best to follow the instructions here to contact us by phone so we can better assist you. @jdesaave
What if I didn't use Turbo Tax Online and the return is on my computer. I used the Home & Business CD.
What if I didn't't use Turbo Tax Online? I used the Home & Business CD, and my return and the software are on my computer.
@ Rs6e
r wrote:What if I didn't't use Turbo Tax Online? I used the Home & Business CD, and my return and the software are on my computer.
You didn't specifically say what you want to do, but based on the title of this thread and assuming your question is the same, here's how to navigate in the desktop version to figure 2022 estimated Federal taxes.
State and local estimated taxes for 2022 can be figured somewhere in your state/local interview--likely near the end of the state/local interviews as you finish up those returns.
If you wish, we can tell you how to pay each quarter's Federal estimated taxes electronically without the need for paper vouchers, payment mailings, etc. if you want to use IRS Direct Pay or the Treasury's EFTPS payment system. Both are free payment systems that use ACH payments directly from your bank account.
@ Rs6er
ADDENDUM:
If you have already filed your 2021 return, then when you go back into it to figure the 2022 estimated taxes, do not make changes in your actual already-filed return. i.e., do not experiment using the actual return. It's OK to use that W-4 and Estimated Tax section, since it does not affect the return itself.
If you later have to amend the return, it must start off exactly as you originally filed it using the formal amending process.
If you do want to experiment any, some people make a second copy of their *.tax2021 data file, label it something distinctive like "TrialCopy2021return", and then use that copy to try things. The 2021 desktop software also has a worksheet in Forms Mode called "What-If Worksheet", where some people try various scenarios.
The only place I can see to change withholding is under W4. I don't have W4 income. I need the withholding to come from "Other income" which considers only of RMD distributions. I still don't see how to show the withholding on that.
@Rs6er wrote:The only place I can see to change withholding is under W4. I don't have W4 income. I need the withholding to come from "Other income" which considers only of RMD distributions. I still don't see how to show the withholding on that.
I'm a fellow user, and I don't know how to specifically account for that situation in the estimated taxes tool interview to make the tool aware of your withholding from your retirement income. I'm not a tax person, but I suppose one could do that math manually after using the tool to account for the withholding, but if your goal is to have the proper amount printed on the vouchers, then the vouchers wouldn't sync with your additional calculation. Of course, after figuring your payments, you could use blank vouchers and enter your own custom amount. To have it sync with the amount printed on the vouchers, maybe you could do it this way (I'm mainly thinking out loud).
You "might" be able to indicate your retirement withholding in Forms Mode by using one of these worksheets:
Again, I'm not a tax person or TurboTax employee, but if you want to speak to someone at TurboTax Support, hours are 5AM-9PM Pacific (8AM-12 Midnight Eastern), 7 days/week
FAQ: What is the TurboTax phone number?
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
NOTE: I don't know how you intend to pay your estimated taxes each quarter, but if you don't want to have mail a check and voucher, we can tell you how to pay them electronically by ACH out of your bank account at either the IRS Direct Pay website (no enrollment needed) or Treasury's EFTPS website (requires enrollment).
I contacted TT about this 3 times. One time they wanted to make me pay for a tax advisor to answer this question. I replied that it’s about the software, not tax advice. I got disconnected from 2 callbacks today (I’m convinced they just hung up because they had no concept of RMD withholding.) Every time they send me a link it’s the same situation. No place to add the withholding. I considered not including the RMD income for next year because I am already paying the state and fed taxes out of the gross amounts. That would get me to the right number, but I like to have it all looking correct. I don’t use the vouchers anyway. I just make the payments on state and federal websites. I just wish they could get their act together. Don’t even get me started on foreign tax payments from investments.
Thank you very much!!!
No further replies at the present time. I'll just prepare what I want to do.
What if I started my self-employment in 2022, used CD Premier in 2021 to file, and want to figure out how to pay (with & beyond federal & state) ALL the appropriate self-employment related taxes including SSA, Medicare, self-employment, ... by the estimated tax dates e.g. Sept. 15. ??? I am not particularly comfortable using online, with all my info sitting on\the internet, or apparently having to redo all of 2021 in online - first, which appears to be the path the online software is taking, when I started that. And, is there anyway to actually talk to a TT human about any of this? All the other contact links I have found on TT or in this thread just go in circles / hang-up / drop calls --- this is such terrible customer service I am investigating other self-employment software. I would like to stay with TT since I have used it for years but this experience of trying to get simple questions answered about how to move up to self-employment level is really pushing me AWAY. Just in case TT hasn't really grown too big to listen ... Thanks
Yes you can use the Desktop Premier program. You don't need to upgrade. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
The self employment tax is for Social Security and Medicare. The Self Employment tax (Scheduled SE) is 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. So you get social security credit for it when you retire.
I would first save a copy of your return and work in the copy. Go up to File-Save As.
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 (Desktop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
Or Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
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.
Or 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
Some general info on self employment on Schedule C.......
You will need to keep good records. You may get a 1099NEC at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small. You might want to use Quicken or QuickBooks to keep track of your income and expenses.
There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....
http://quickbooks.intuit.com/self-employed
When you are self employed you are in business for yourself and the person or company that pays you is your customer or client.
To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.
Here is some IRS reading material……
IRS information on Self Employment
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses