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Level 2
posted Aug 28, 2024 2:37:36 PM

Tax Calculator for 2024

When is the Tax Calculator for 2024 available to estimate taxes for 2024 and determine if a 1040 ES is necessary to send in a payment to the IRS?

Are these Estimated payments for Federal and State?  

0 2 7097
2 Replies
Employee Tax Expert
Aug 28, 2024 2:47:21 PM

Hi Aviaragirl,

 

The Turbo Tax calculator is usually available late October.   

 

Here is a link to IRS publication 505 that provides guidance on tax withholding and estimated tax for 2024. 

 

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/p505.pdf

 

Yes, estimated tax payments can be calculated and made for both the federal and state. 

 

 

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Employee Tax Expert
Sep 4, 2024 8:35:26 AM

Reminder that 2024 ES payments are already due on this schedule below as we are a pay as you go system.  You can generate ES coupons in the TurboTax software by jumping to W4 in the search bar.  The program will use data from 2023 to estimate your 2024 and it will ask questions about any changes that might affect the next year.  

 

Payment Period Due Date
January 1 – March 31 April 15
April 1 – May 31 June 15
June 1 – August 31 September 15
September 1 – December 31 January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax
Fiscal Year Taxpayers If your tax year doesn't begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505
Farmers and Fishermen See Chapter 2 of Publication 505