Quartey taxes for 2022

[monster50]

Can I change the amount I pay for quarterly taxes through the year 2022? Or do I have to pay the same amount what turbo tax has determined.  If not, does Turbo tax have a worksheet to figure estimated taxes and where do I find it in turbo tax. 

Thank you

[ZoltanB45 · Accepted solution]

Turbo Tax and any other tax program calculates the quarterly payments based on the prior year activity. Paying that would avoid penalties (depending on income level, may pay 110% of prior year tax)

If you would like to be more accurate and if your income will be significantly different from the prior year, then you would need to keep track of your books (if your income is business related which I assume is the case.) You would make estimated payments based on the projections. Then you can create mock returns in TurboTax seeing what it calculates the tax to be.

[monster50]

Thank you for the information.