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Estimated Taxes
I sold a house in 2020 and had to pay Capital Gains tax. This was quite and increase in income over 2019 and resulted in a large tax payment for 2020. So Turbo Tax created an estimate for taxes in 2021 based on my income including the house sale (which is a one off) 2020 tax liability. However my income for 2021 will be less than it was in 2019. Since this was a one time boost in income based on a sale of property and will not occur in 2021 I shouldn't have to pay tax based on an income I won't receive. What do I do to fix my 2020 return so that it does not include estimated taxes?
March 1, 2021
6:05 PM