Yes you can just increase your withholding at work to cover the extra interest income. You should do that. Or you can send in some extra each quarter. Either mail a check with a 1040ES form or you can pay the IRS directly online. Then when you file your tax return you need to enter in any estimates you paid to get credit for them.
To prepare or edit estimates for next year you start with your current return, but be careful not to change anything. If you can't get back into your return, Click on Add a State to let you back into your retun.
You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
Or Go to….
Federal Taxes or Personal (Deskop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
And in the Desktop program you can switch to Forms and open the Estimated Tax Payments Options sheet. You can even select to print the estimates with just your personal info and no amounts. You can play with and tweak the amounts. You can open the individual 1040ES forms and override the amounts.
See,
https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
Here are the blank Estimates and instructions (the actual 1040ES forms are at the very bottom so scroll way down)
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
You can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2024 Estimate
