From your first answer:
“Your Estimated Tax may be calculated from Form 1040, Line 16 minus Line 17.”
From your second answer:
“Take your Line 24 Total Tax and subtract any Line 30 Amount (Recovery Rebate Credit) and any other credits totalled on Line 32 to see if this amount is what your Estimated Payments are calculated on.”
In my case, lines 16, 18 & 22 are all the same, no entries on lines 17, 19, 20, or 21 to add or subtract. I do have an entry on line 23 that adds to a slightly higher total tax on line 24. No entries on lines 25 or 27 thru 32.
On the Estimated Taxes and Form W-4 Worksheet it states 110% of your 2020 actual tax. The estimate of total payments you will need to make for 2021 at the bottom of the form, the figure is slightly higher than 110% of line 16 by $37, but at 110% of line 24, it’s low by $185.
What am I missing in understanding how turbotax calculated the figure at the bottom and should I add $185 to the 1040-ES payment in January?
