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enjoyyourbeauty
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How do I estimate quarterly taxes owed, as a partner in an LLP (given a K1)?

 
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Critter
Level 15

How do I estimate quarterly taxes owed, as a partner in an LLP (given a K1)?

You can use the 2015 TurboTax to make an estimate of your 2016 taxes and to print quarterly tax vouchers, but you can't file your quarterly taxes with TurboTax. You can either mail your vouchers or you can file (more easily) using the IRS electronic payments system (EFTPS). See the following: https://www.eftps.gov/eftps/

To find the 1040ES in TurboTax:

Form 1040-ES: Individual Estimated Tax Voucher is used to submit quarterly estimated taxes to the IRS.  Form W-4: Employee's Withholding Allowance Certificate is submitted to your employer to change the amount of taxes withheld from each paycheck.

These two forms apply to the following tax year, so make sure to use the correct tax year version to generate these forms.

1.   Open your tax return or sign in to your TurboTax Online account.

2.   Click the Federal Taxes tab (Personal tab in the Home & Business version) and then click Other Tax Situations right below it.

3.   Near the bottom of your screen, to the right of Form W-4 and Estimated Taxes, click Start or Update.

4.   Follow the on-screen steps.

When you go through your state return, look for the Estimated Taxes screen, which you'll see towards the end of your state interview.

Tip: In the program, there are four 1040-ES vouchers numbered consecutively from 1 to 4 for payments due April 18, June 15, and September 15 of 2016, and January 16 of 2017, respectively. You can print all the vouchers, or just individual ones.

 

The partnership income can be entered like self employment and if you haven't made the first 2 payments yet this year then enter $1 for each quarter so the program will compute the required payments going forward.

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