After taking two years off of work (self-employed), on May 1, 2022 I took on a contract job going thru 12/31/2022. I am in Turbo Tax and have filled in all the necessary fields to get my 2022 Estimated Tax Payment Vouchers. Problem is Turbo Tax is showing all four quarters for payment estimates. I had no income in the first quarter nor did I know then I would be getting back into work. How do I get it to just estimate the next three quarterly payments (June, Sep, and Jan 2023)?
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@LYoung1 OK I checked my desktop program. Yes that is right. It put the 1st and 2nd qtr both on the 2nd estimate. You should still pay the full total amount for the year. It's just how you send it in. You can tweak the payment vouchers in the Desktop program. The only thing you can do in the Online version is change the income amounts but not the time period.
If you want to pay evenly over the remaining 3 quarters then take the total and divide it by 3 and cross out the amounts on each 1040ES and write in the new amount. Or just pay them directly online. The 1040 ES don't get sent to the IRS with your return and the IRS won't be expecting them. Be sure to pick 2022 1040ES payment
https://www.irs.gov/payments
When you do your tax return next year if it gives you a penalty for not paying in enough or evenly you can fill out form 2210 to lower or eliminate the penalty. That is where you enter the income you received each quarter.
Try entering you paid $1 for the 1st quarter. Then it should just figure the remaining quarters.
I tried this and it resulted in the 2nd quarter payment being double the amount of what 3rd and 4th quarter payments will be.
It is not calculated on what was made each quarter. Your tax liability is looked at and divided over 4 quarters. Paying over 4 quarters keeps amount lower
@LYoung1 OK I checked my desktop program. Yes that is right. It put the 1st and 2nd qtr both on the 2nd estimate. You should still pay the full total amount for the year. It's just how you send it in. You can tweak the payment vouchers in the Desktop program. The only thing you can do in the Online version is change the income amounts but not the time period.
If you want to pay evenly over the remaining 3 quarters then take the total and divide it by 3 and cross out the amounts on each 1040ES and write in the new amount. Or just pay them directly online. The 1040 ES don't get sent to the IRS with your return and the IRS won't be expecting them. Be sure to pick 2022 1040ES payment
https://www.irs.gov/payments
When you do your tax return next year if it gives you a penalty for not paying in enough or evenly you can fill out form 2210 to lower or eliminate the penalty. That is where you enter the income you received each quarter.
Thank you so much for your assistance!
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