You didn't say if you have already filed your 2019 Online return or not, so I'll take a guess and assume you have. I suppose I have a 50% chance. 🙂
This answer tells you how to calculate and prepare Federal quarterly tax estimates. You didn't specify Federal, state, or both. If you also need to prepare state estimates, report back.
After calculating the quarterly estimates, with TurboTax you can either print vouchers to pay by mail, or pay electronically outside of TurboTax. In another answer to follow this one, I'll also tell you about the electronic options.
Here's how to open your already-filed online 2019 return back up to go through the Federal estimated taxes interview, calculate estimated tax payments, and print out 2020 Form 1040-ES vouchers, if desired.
NOTE: When you open your return back up, do not make any changes in the return itself since it's already been filed. It's OK to go through the estimated taxes interview.
You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments for 2020. There is also a place in that interview to enter what you have already paid for 2020 (if applicable), and it will let you include any expected income changes or any other changes you have for 2020.
- Log in, and here's how to open your return back up:
- At the Tax Home or in the section "Your Tax Returns & Documents" for tax year 2019, look for a link "Add a State."
- Click on "Add a State." (you don't really add one; that's just to get the return to open back up.)
- Once the return is open, click in the left menu column on Federal.
- Then at the top choose tab "Other Tax Situations"
- You may then see a screen "Your uncommon Tax Situations"
- Look for a button to open up "All uncommon situations" to get a list of topics.
- Scroll way down to the last category "Other Tax Forms" and click "Show More."
- Find topic "Form W-4 and Estimated Taxes" and click Start or Update.
- If you need to adjust withholding, go through the W-4 interview.
- If you don't need the W-4 (withholding) interview, you can skip that part and go to the 2020 estimated taxes interview.
- You may get a screen that says "Review your Estimates for 2020?" and asks "Do you want to review your income or deductions". Say YES (or Review Now), so you can get to the additional questions.
- You will go through a lot of screens asking about expected income and deductions.
- Finally, you will come to a screen that says "Enter Payments You Expect to Make."
- There are some boxes there that say "Enter estimated tax payments you've already made for 2020."
- Next screen will ask "which method" to use to calculate your 2020 estimated payments.
- Next screen will ask if you want to print vouchers.
- If you want to pay them electronically instead of mailing the vouchers and payment, see my next answer which follows this one.
