Anonymous
Not applicable

Get your taxes done using TurboTax

@cyndee5101 - the only reason to do it now is to get it off your plate, and make sure you don't use the money for something else.  Economically you want inflation to whittle down your debt.

 

Definitely not total taxes withheld from wages.  Last year it was 1040 Line 16 "Tax."  And your tax rate was base on 1040 Line 11 "Adjusted Gross Income"

 

You can do it as an overpayment or as an estimated payment.  But you don't need TurboTax for that.  In fact you can just go to the IRS website and make an estimated payment for TY 2022 online.  No form, nothing AND they will have a record of it in your ledger next year that you can retrieve from them if you forget how much (but don't forget lol.)

 

OK, so your marginal tax rate is based on your AGI.  So an easy but not so accurate way would be to see what your marginal tax rate is this year by looking at your AGI on this TurboTax return, then multiply that by the remainder you need to pay next year.

 

Since I am retired my tax rate is 15%, I have $33,000 of CARES distribution income to carry forward to the last TY of 2022.  I send in 33000 x 0.15 extra this year, either as an overpayment or as an Estimated Payment.

 

Yours might be 20000 x 0.24 or 25000 x 0.22 or whatever