Spouse and I both have W-2s. This year I also have self-employment income. I need to make estimated payment for the first time. How do I calculate that? I believe I have to go through "other tax situations" in TurboTax, but where do I find it? Exact steps would be helpful. Thanks!
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See this TurboTax support FAQ for 2020 estimated tax payments - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
There seems to be a step missing. How do I open my tax return if it's already been filed?
@jmoTT wrote:
There seems to be a step missing. How do I open my tax return if it's already been filed?
If you are using the TurboTax online editions -
To access your current year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2019 online tax return.
Ok, but then what? I'm not adding a new state, and I'm not amending my 2019 tax return. How do I get to the point where I can calculate estimated payments for 2020? For a company called Intuit, this is not intuitive.
Click on Add a State to let you back into your return. It won't really add a state. It just lets you back in.
@jmoTT wrote:
Ok, but then what? I'm not adding a new state, and I'm not amending my 2019 tax return. How do I get to the point where I can calculate estimated payments for 2020? For a company called Intuit, this is not intuitive.
Using the Add a State procedure will only take you back to the 2019 tax return. You are not adding a state or amending the tax return.
You only need to click on Other Tax Situations section on the top of the screen, scroll down to Other Tax Forms and click on start button for Form W-4 and Estimated Taxes
To prepare estimates for next year you start with your current return, but be careful not to change anything. If you can't get back into your return, Click on Add a State to let you back into your retun.
You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
Or Go to….
Federal Taxes or Personal (Deskop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
See,
Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021. Your state will also have their own estimate forms.
Or you can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2020 Estimate
Going forward may I highly suggest you use the Deluxe Downloaded version so you have access to the program year round and can do test/what if returns at will ... if you don't need a state return you can even use the Basic version and save a few more $$$.
If you use the Online version you will need to use the Self employed option which is the most expensive program.
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
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