TurboTax provides the following information regarding how to figure your Estimated Tax Payments:
"You need to come up with a good estimate of the income and deductions you will report on your federal tax return.
You can use TurboTax tax preparation software to do the calculations for you, or get a copy of the worksheet accompanying Form 1040-ES and work your way through it. Either way, you'll need some items so you can plan what your estimated tax payments should be:
- Your previous year's return. Use your previous year's federal tax return as a check to make sure you include all the income and deductions you expect to take on your current year's tax return. You should also look at the total tax you paid if you are going to base your estimated tax payments on 100 or 110 percent of your previous year's taxes.
- Your record of any estimated tax payments and withholding you've already made for the year. You need to take those payments into account when you determine how much tax you still owe, so have your check register and latest paystub handy to look up the amounts and the dates you paid."
See the link below for more information:
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