Get your taxes done using TurboTax

The only calculator I'm aware of is the Tax estimator.

You can calculate your 2021 estimated taxes and generate the payment vouchers by doing this:

1. In TurboTax please follow these steps:
2. After opening the return select FEDERAL
3. Choose Other Tax Situations
4. Scroll down to Other Tax Forms
5. Select Show More
6. Scroll to Form W-4 and Estimated Taxes
7. Follow the steps from there

There is also an Online version that can be reached at: TurboTax Tax Estimator.

Estimated taxes are important so you can avoid tax penalties.

The underpayment penalty may apply if :

• The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year. 
  • Example:  in 2020 you had $8,500 withheld in taxes.  Your 2020 tax return shows that you owe $10,000.  That is less than 90% and there will be a penalty.
• The amount you paid during the tax year didn’t at least equal 100% of your taxes owed the prior year. 
  • Example:  Your 2019 tax return showed that you had $9,000 as a total tax obligation.  You paid $9,001 in withholdings in 2020.  Your 2020 tax bill comes in at $20,000.  There is no penalty because you paid 100% of the 2019 tax.
• The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholdings and refundable credits.

The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily.