Estimated taxes

[Dm60]

I owed more than $1000.00 this year on over 150,000 this year 2019. One time windfall in October. Figured I'd pay when taxes are due. I will not owe any taxes in 2020. 100 percent of 2020 taxes will be paid with employee deduction. Do I still need to match 110 percent withdrawn from 2019 taxes in 2020 to not pay estimated taxes

[MinhT1 · Accepted solution]

No. If you estimate that your 2020 tax will be covered by your payroll deductions, then you do not need to pay estimated taxes for 2020.

[Phyllis 2]

I paid estimated taxes for 2020.  On Turbo Tax forms where do I submit that information?

[VolvoGirl]

You can type estimates paid in the search box at the top of your return and click Find and it will give you a link to Jump To it.

OR

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 Taxes - click the Start or Update button