It depends. Your income and deductions may vary over the coming year, or there could be new changes in the tax laws. There are a number of tools you can use to calculate your estimated taxes for 2023.
When you prepare your 2022 return, TurboTax will automatically calculate your 2023 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year.
You can also calculate your 2023 estimated taxes and generate the payment vouchers by following the steps below. You will need to wait until your filed return is processed (payment acknowledged / refund received) before reentering your return. See here for the process to open/amend a return that has been filed.
To calculate estimated taxes and prepare Forms 1040-ES:
- With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
- Answer No to the question Do you want to change your W-4 withholdings for 2023?
- Answer the questions about things like your 2023 filing status, income, and deductions
- Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later
In addition, TurboTax's TaxCaster is available without opening your return and will estimate your total taxes for 2023.
You can also use the IRS Withholding Estimator to calculate amounts to be withheld from wages.
Have this ready:
- Paystubs for all jobs (spouse too)
- Other income info (side jobs, self-employment, investments, etc.)
- Most recent tax return
If you have taxes withheld from wages, pensions, or investment income, you can submit a new W-4 or W-4P to the employer or payer if circumstances change during the year.
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