ToddL99
Expert Alumni

After you file

You are "OK" following TurboTax guidance on the" prior year exception", and would not likely be subject to underpayment penalties. You would still, however, owe tax based on 2021 earnings.

 

You can use the "Estimated Taxes" interview to update & calculate estimated payments for2021 and generate Forms 1040-ES.

This will help you avoid a tax bill next year.

 

Enter "estimate in the search box and select "Go to Estimated Tax Payments" from the results. Follow the interview screens to "Review Your Estimates for 2021" and adjust your 2021 income accordingly.

 

See the following screenshot for aid in navigation: