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Get your taxes done using TurboTax
@ RJTaxQuestions2020 wrote:How do I estimate taxes for 2020? I searched for 1040-es, but I don't see a "Jump To" link. Thank you
I don't have any problem bringing up the "Jump to 1040-es" link. I can provide you a screen shot of the steps, once I know what version you are using (online versus desktop), but I'll also provide direct navigation method below.
Are you using desktop software (CD/download) (and if so, for Mac or Windows?) or Online TurboTax (web version)? Depending on which version, I can tell you a couple of shortcuts to get to the estimated tax interview, including how to use the "jump to" or another shortcut method.
Or you can use direct navigation in both versions. There may be a slight difference between the online version and desktop version, but generally it is like this:
- Federal Taxes tab (Personal tab in Home and Business)
- Then subtab Other Tax Situations.
- Scroll down to topic Other Tax Forms.
- 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 proceed 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 the information below.
Once you know the amount you want to pay, there are also a couple of electronic options to make Federal estimated payments that require no paperwork and no mail.
One easy way is to make 1040-ES quarterly payments by using IRS Direct Pay electronically, and nothing has to be filled out and mailed.
If paying electronically at the IRS Direct Pay site, there is no fee to have it taken directly out of your bank account. There is a service fee, however, for paying by credit/debit card. If you decide to make a payment there out of your bank account, for "Reason for Payment" choose "Estimated tax". For "Apply Payment To" choose "1040-ES". Then choose the tax year you're paying.
Should you decide to pay there, then print out a confirmation for your records.
The advantage of IRS Direct Pay is that it doesn't require an initial pre-enrollment, unlike EFTPS which I'll explain in the next paragraph.
While you can use IRS Direct Pay each quarter, if desired, if you think you are going to be making quarterly payments for a long time into the future, then you may want to consider opening a free account at the US Treasury's EFTPS website (Electronic Federal Tax Payment System.) You can even schedule quarterly payments in advance and make other types of Federal tax payments, such as a balance due on your Form 1040, etc. For first time use, you have to set it up in advance with your banking info, and the IRS sends you a PIN in postal mail ( I don't know if the Coronavirus has delayed that any.) Once set up, you can then make online payments there at the EFTPS website, or payments can be made by phone with the PIN. For more info on EFTPS, there is an extensive FAQ page in the left menu column at this link:
