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lphoude
New Member

calculated estimated tax payment not what IRS applied

Turbo Tax helped me calculate 2021 estimated tax. I chose to apply part of my refund of 2020 tax toward the 1st quarter estimate. I received my refund direct deposited, but the IRS used last years estimated payment, not this years. The difference is about $95. Should I adjust the next 3 estimated vouchers to reflect their payment, or should I contact them? If the best thing is to adjust the vouchers, how do I do that?

5 Replies
JohnB5677
Expert Alumni

calculated estimated tax payment not what IRS applied

Just to be clear.  You applied a portion of your 2020 tax refund to the first quarter of your 2021 tax estimates.  The amount you designated is reflected on line 36 of your 2020 individual tax return Form 1040, and it will be applied to 2021.

 

Similarly, if you used a 2019 refund to pay 2020 estimated taxes.  That amount (the 2020 estimated tax amount) would be reflected on this tax return on line 26.

 

If I've misunderstood your question, please submit a clarification.

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lphoude
New Member

calculated estimated tax payment not what IRS applied

Yes, the amount on line 36 of my 2020 taxes is to be applied to my 2021 taxes. This amount is not what was deducted from my refund. The IRS took $95 more.

JohnB5677
Expert Alumni

calculated estimated tax payment not what IRS applied

If you've got the Desktop version, or if you've printed your return, please look for a Form ES & W4 Wks.  It will be a page in the area of the Estimated Payment Vouchers.

 

In the first box there is a statement Amount of my 2020 overpayment applied to 2021.  This is the amount that you designated to be applied to 2021.

 

If this number is different from what is on line 36 of your 1040 there a different problem.

 

If these numbers don't match, please reach out again.

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lphoude
New Member

calculated estimated tax payment not what IRS applied

I finally discovered what happened. The IRS sent an adjusted refund notice. The estimated tax on line 26 of 1040-SR was incorrect. When I went back and looked at the 4 estimated payments, they were correct, but Turbo Tax added an additional payment when it put the information on line 26. I am not sure at this point, how I could have changed this since I assumed that Turbo Tax could handle a simple calculation. Please let me know how to go "under the covers" to change this kind of thing if it happens again. By the way, my state tax was also overstated by one payment as well.

JotikaT2
Employee Tax Expert

calculated estimated tax payment not what IRS applied

You will be able to adjust your estimated tax payment vouchers by logging back into TurboTax.

  1. Select the Federal Taxes tab
  2. Select Other Tax Situations
  3. Scroll down to the section titled Other Tax Forms
  4. Select Form W-4 and estimated taxes
  5. You will be able to adjust your estimated tax payments for 2021 in this section

 

 

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