When I'm preparing my taxes, I do quarterly tax estimates and pay that amount each quarter. If my income is not in line with the projection I used to calculate the estimates, is there a way to recalculate what each quarter's payment should be in TurboTax? (If so, where do I find this?)
Also....Is the amount of the originally-calculated estimated taxes reported to the IRS? If so, what impact does it have if I change the estimate and make a different payment amount? Meaning, if my original estimates were for $1,000 and I then start paying $500, will there be a penalty?
