You can estimate your taxes by quarter and pay in the appropriate amount of tax based on that quarter's income. You can divide your total tax (line 24 of your Form 1040) by your adjusted gross income (line 11) to determine an estimate of your tax rate, and multiply that by your total income for each quater to estimate your estimated tax for that quarter.
When you complete your tax return in TurboTax, you will be asked to enter in your estimated tax payments by quarter. If you end up with a tax penalty, you can go to the Other Tax Situations and complete the Underpayment penalties section under Additional Tax Payments and you will have an opportunity to enter your income by quarter. This may reduce your underpayment penalty by having it calculated based on your quarterly earnings.
Also, if you divide your tax from the previous year (line 24 of Form 1040) by 4 and pay that amount of tax in each quarter, you will not be penalized for late payment of tax. If you earn more than $150,000 however, you need to pay in 110% of your previous year's tax in quarterly estimates.
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