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Get your taxes done using TurboTax
There is no IRS rule for the calculation of estimated taxes. The goal is to alleviate the underpayment penalty which for 2023 so far is 7-9% and is higher than it was all 2022. TurboTax assumes you will increase your income since that generally happens and tries to extrapolate the underpayment penalty as well. You can use the estimated payment vouchers from TurboTax and change the amount you are remitting if you want, or you can easily print a blank Form 1040-ES to submit with your payments.
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March 20, 2023
11:24 AM