To calculate your estimated taxes for 2021, please follow these steps:
- Click Federal > Other Tax Situations
- In the Other Tax Forms section, click on Start/Revisit next to Form W-4 and Estimated Taxes.
- On the Adjust How Much Tax You Pay screen, click the No box. [This applies to withholding from your paycheck.]
- On the screen, Estimated Taxes for 2021, click the Prepare Now box.
- On the Review Your Estimates for 2021 screen, TurboTax will display estimates it calculated based on your 2018 information and ask Do you want to adjust your income or deductions? Click the Yes box.
- Continue through the interview, entering information for 2021. Yes. Report the income paid to you in Business Income section. The quarterly tax payments you made are estimates and will be applied against your final tax bill calculated on your tax return. Any overpayment will be refunded to you.
