I already filed my state and federal taxes through turbo-tax but am now realizing that for the first time in may years it has not set up estimated payments for me for the current year. Is there any way to update this?
TurboTax will calculate automatically only if you’re at risk for an underpayment penalty next year. You can manually review the section, if you'd like to run estimates for 2025. You may need to choose Amend or Add a State to get back into your return. Then, follow these steps: How do I print estimated tax vouchers?
IRS requires you to estimate your Required Annual Payment for the year and pay as you go.
Assuning you have no W-2 withholding nor other withholding,
you can base your estimate on prior year's tax , or 90% of this year's tax, whichever is smaller.
each quarter your withholding and estimated tax paid must be at least 25% of the estimate, even if your income is uneven, [Otherwise, you will be penalized.] this is the simplified method, default.
if your estimate is based on this year's tax and turns out to be wrong you may be penalized.
you can compensate by overestimating.
if your estimate is based on prior year's tax, you know that when you file by April 15, which is also the first estimated tax payment due date. How convenient.
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See IRS make a payment page to pay Estimate Tax Payment No.1.
Your estimate may be different from the TurboTax estimate.
Thanks @fanfare. The majority of my income is on W-2 but some of it is not. Turbotax has always calculated the estimated taxes for me in the past but for some reason did not this year and I filed before noticing. I know I need to do them I'm just wondering if there is any way to get back in to turbotax to do it or if I need to manually fill out a 1040-ES myself and do it.
the IRS payments page does not require any forms such as 1040-ES.
Thanks @fanfare. My question was more how I can get turbotax to determine my estimated payments rather than figuring them out myself. In previous years turbotax always told me what it thought my estimated payments should be. This year it did not. I know I don't need to submit form 1040ES but that's what I would use to determine my estimated payments if turbotax won't do it.
TurboTax will calculate automatically only if you’re at risk for an underpayment penalty next year. You can manually review the section, if you'd like to run estimates for 2025. You may need to choose Amend or Add a State to get back into your return. Then, follow these steps: How do I print estimated tax vouchers?