Hello,
I have just started my 2020 taxes on Turbotax Deluxe. I have a 20,000 1099 from a client. I made this money in 2020. When I received the funds from the client I wrote a check for estimated 1040-ES first quarter payment of 4,500 bucks. I received the 1099 from the client and logged it into Turbo tax. Under (Deductions & Credits) I went to (Estimate & Other Taxes Paid) and on the top choice (Estimates) I logged the 4,500.00 estimated payment to the IRS. At this point Turbotax is telling me I have a 4,500 Federal Refund coming to me. So in essence it is giving me back my federal IRS estimated payment. I don't quite get that one. I ran my own business for years and I have run across similar types of things but I had an on staff tax accountant so it got dealt with and I'm not sure how. So why is Turbotax telling me I'm good for a 4,500 refund? It can only be from the activity on the 1099. Thanks Dave Raynor
