I use TurboTax Premier on my personal computer. I've filed my return for 2021. I have a question on the Estimated Tax Payment Options worksheet available in this application. How does Turbo Tax determined my 2022 estimated taxable income in this worksheet?
The worksheet called "Estimated Tax Payment Options" is only one of the estimated taxes worksheets. The other one is called "Estimated Taxes and Form W-4 Worksheet" which shows the income figures used.
However, the best thing to do is to first go through the Estimated Taxes interview in the step-by-step mode, where you can fine tune your choices, choose a method of calculation, etc. and then look at the worksheets afterwards, if you wish. Here's how:
- Federal Taxes tab.
- Subtab "Other Tax Situations."
- Scroll down to "Form W4 and estimated taxes" and Start/Update
- A screen will ask you if you want to change your W-4 withholdings (if applicable). If you need to do that, click "Yes" to go through the W-4 interview. Otherwise click "No" and skip to the estimated taxes interview.
- After a screen "Prepare estimated taxes" (yes/no), it will have you review your estimates and ask you if you want to adjust your income or deductions. If you say "Yes", then there are several screens where you can fine tune it.
- You will eventually come to a screen that says "Enter Payments You Expect to Make."
- And there are also some boxes that say "Enter estimated tax payments you've already made for 2022."
- Next screen will ask "which method" you want to use to calculate your 2022 estimated payments.
- Next screen will ask if you want to print vouchers.
- If you want to pay your estimated taxes electronically instead of mailing the vouchers and checks, we can tell you how to use IRS Direct Pay or the Treasury's EFTPS website.