@ lfarris40 asked: "Can I change the 2021 estimated tax payment that turbotax includes as a part of the tax docs? My tax situation will change next year."
NOTE: This answer assumes you are asking about Federal estimated tax payments.
Have you already filed the 2020 return? If so, here's how to open your already-filed return back up to go through the estimated taxes interview, calculate estimated tax payments, and print out new 2021 Form 1040-ES vouchers, if desired.
NOTE: When you open your return back up, do not make any changes in the return itself if it's already been filed. It's OK to go through the estimated taxes interview.
You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments for 2021. There is also a place in that interview to enter what you have already paid for 2021 (if applicable), and it will let you include any expected income changes or any other changes you have for 2021.
- Log in, and here's how to open your return back up:
- At the Tax Home or in the section "Your Tax Returns & Documents" for tax year 2020, look for a link "Add a State."
- Click on "Add a State." (you don't really add one; that's just to get the return to open back up.)
- Once the return is open, click in the left menu column on Federal.
- Then at the top choose tab "Other Tax Situations"
- You may then see a screen "Your uncommon Tax Situations"
- Look for a button to open up "All uncommon situations" to get a list of topics.
- Scroll way down to the last category "Other Tax Forms" and click "Show More."
- 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 go to the 2021 estimated taxes interview.
- You may get a screen that says "Review your Estimates for 2021?" 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 2021."
- Next screen will ask "which method" to use to calculate your 2021 estimated payments.
- Next screen will ask if you want to print vouchers.
- If you want to pay the estimated taxes electronically instead of mailing the vouchers and payments, watch for my next answer below which explains those options.
