- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I don't know the limits of your specific product. I do know that some turbotax product help with this, but you may have to pay for that product.
Additionally, You have several choices. The most accurate will likely be the first or last.
1) Use the IRS form and do it manually. See
https://www.irs.gov/newsroom/basics-of-estimated-taxes-for-individuals and
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
2) If your primary source of income is from wages or salaries, use the IRS W-4 calculator to help you determine your withholding. See https://www.irs.gov/individuals/tax-withholding-estimator
3) If
a) Your quarterly income is about the same in each quarter, AND
b) you expect your 2022 income and deductions, credits and taxes to approximately equal your 2021 income,
THEN look at your 2021 total taxes Form 1040, line 24, Total Taxes and divide by 4 and make 4 equal payments in each quarter. Use Form 1040-ES.
4) If you expect your 2022 income will increase or decrease a bit, but not substantially, you can use the expected percent change to increase or decrease your expected taxes (see #3 above), and make payments accordingly.
5) If none of the above apply, you may want to reconsider #1, or consult an outside tax consultant or accountant.