How do I prepay dividends using turbo tax or what forms do I need to use? This is for both Maryland and federal taxes.
I will be filling out my 1040 at the end of the year but I keep getting additional income and interest penalties.
Want to do the same for my federal taxes. Prepay my dividends.
Duplicate check here:
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For MD state...go to their tax website and check how to pay estimates during the year.
MD...Fill-in forms for checks:
https://www.marylandtaxes.gov/forms/20_forms/PV.pdf
Likely, they would have some online payment methods too...you'll probably have to dig around to find them:
https://www.marylandtaxes.gov/individual/index.php
I am already paying taxes during the year taking the maximum deduction for both federal and Maryland state.
What forms do I fill out to pay some additional taxes to avoid a tax penalty?
Multiple people Already told you in multiple posts....but to put it as succinctly as possible here:
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1) You can pre- pay MD, during the 2020 calendar year, for 2020 MD quarterly estimates, with this form each quarter, and a check thru the mail:
https://www.marylandtaxes.gov/forms/20_forms/PV.pdf
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2) You can pre-pay the IRS, during the 2020 calendar year, for 2020 Federal quarterly estimates, with this form each quarter, and a check thru the mail:
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
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Some of the first two deadlines have been delayed...but just pay what you think you will need to pay with each form.
(...or all of it at once with the first form if you want to pre-pay what extra $$ (beyond what your current full-year withholding is) that you think you will need to pay for the whole 2020 tax year...then re-visit your situation in early December to see if any extra prepayment $$ are warranted).