UPDATED FOR TAX YEAR 2019
TurboTax can assist you in calculating what your 2020 taxes will be, taking the two sales into consideration.
If you have owned the two properties for less than a year, your gain would be considered short-term and taxed at a higher rate than a long-term gain.
To calculate estimated taxes for 2020, please follow these steps:
1. Click on Federal Taxes > Other Tax Situations
2. On the screen, Let's check for any uncommon tax situations, in the Other Tax Forms section, click on the Start/Revisit box next to Form W-4 and Estimated Taxes.
3. On the screen Adjust How Much Tax You Pay click the No box. [This is for withholding from a paycheck.]
4. On the next screen, Estimated Taxes for 2020, click the Prepare Now box.
5. On the Review Your Estimates for 2020 screen TurboTax will display 2020 quarterly estimates based on your 2019 income. If you think your 2020 financial picture will differ, click on the Yes box to adjust your income or deductions.
6. Continue through the screens, entering the requested information. TurboTax will then calculate your quarterly estimated payments for 2020.
[Edited | 4/15/2020 | 11:57am PDT]
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