Yes, that is an acceptable way to estimate your taxes for 2020.
One confusing aspect of the W-4 and Estimated taxes section in TurboTax is that you are asked about Form W-4 first, which does not apply if you are retired. If you answer the question, Do you want to review your W-4 forms? No, it moves on to ask about other income you expect to receive in 2020.
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