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few questions about estimated Taxes

Hi, this year is first year I need to do estimated Taxes. here are my questions

1, I missed 6/15 deadline and paid on 7/20, do I get penalty for late payment?  if so how should I know how much penalty do I owe and how to pay the penalty?

2, let's say my quarterly estimated Taxes is $2000, I paid $2000 on 4/15 and 6/15. Can I pay more than $2000, maybe $5000 each time for next two payments?  I don't have any change on my income, I just wanted to pay more

3, by next year Tax time, when I file 2020 TAX return using turbo TAX, from where do I get estimated TAX payment record? and where on Turbo TAX do I enter the paid estimated TAX amount?

 

thanks

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2 Replies
TomD8
Level 15

few questions about estimated Taxes

This TurboTax help page should answer most of your questions:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

 

When you do your tax return, you'll enter your estimated tax payments in the Estimates and Other Taxes Paid section of TurboTax.  It's up to you to keep track of your payments.

 

If your estimated quarterly payment is $2,000 (for example), you're perfectly free to pay more.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

few questions about estimated Taxes

#1  Don't worry about any late penalty now.  When you file your return next year you may have a penalty for not paying in on time.   You will enter the exact dates you made the estimated payments.

 

#3  You need to keep y our own records of the payments.  Your bank statement is your proof,

 

Enter them here

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to

Federal on left or at top. Personal (Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated - click the Start or Update button

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