To enter your quarterly federal tax payments in TurboTax:
- Type estimated taxes in Search in the upper right
- Click on Go to Estimated Tax Payments
- Start Federal estimated taxes for 2020 (Form 1040ES)
- Say Yes to Did you pay federal estimated taxes for 2020?
- Enter your payment in the first quarter if made on or before July 15.
The IRS levies a penalty for underpayment of estimated tax if you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.
Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.
Refer to Penalty for Underpayment of Estimated Tax
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