I am planning on selling a rental property I purchased in 2015. I have used TurboTax each year for filing my LLC taxes related to this property. Can TurboTax help me account for the various IRS aspects of the sale, including estimated taxes I will likely need to pay prior to filing for 2024? How do I use TurboTax to help with the estimation if that is possible?
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Turbotax Business cannot estimate personal income taxes. There is Turbotax Taxcaaster
https://turbotax.intuit.com/tax-tools/calculators/taxcaster this is really for 2023 but it should give you a reasonable estimate of your 2024 taxes. other web sites may also offer free 2024 tax planning.
if you use the desktop version of Turbotax for your personal return there is a section for 2024 tax estimation in the estimated tax section.
finally if you what to retain your money for as long as possible without incurring penalties this is the default rule you can use:
pay in and or have withheld for 2024 on or before EACH of the following dates 25% (100% in total) of your 2023 tax. this rises to 27.5% (110% in total) if your 2023 adjusted gross income was over $150,000.
4/15/2024,6/17/2024, 9/16/2024,1/15/2025
note that when it comes to withheld taxes, not estimated payments, you can use 1/4 of annual withholding for each period (default method) or actual withholding for each period.
if you are subject to state income taxes the rules vary.
another default rule to avoid penalties is that 22.5% (90% in total) of your actual 2024 taxes must be paid in each period. This is sometimes impossible to meet when there is a spike in income taxes due to events occurring later in the year. There may be an out to reduce or eliminate these penalties and that is to use the annualized income installment method on page 3 of the 2210
https://www.irs.gov/pub/irs-pdf/f2210.pdf
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