dev145
Employee Tax Expert

Business & farm

Hello 5Fam,

 

Calculated estimated taxes via tax software do not get reported to IRS. So if you changed estimated amount during the year, IRS will not penalize you for that. IRS might charge you underpayment penalty if there was overall under payment for the full year. 

If you have already filed your tax return and you are using TurboTax online, you might be able to update and generate new voucher using amend return option. We do not recommend this option since you might accidently change other info. But you can use our tax calculator to get a new estimate or you can use IRS worksheet to calculate new amount. 

If you are using TurboTax desktop, then open a tax return and calculate new estimates. Just make sure to make a copy of the return before you make any changes. 

Here are link to TurboTax calculator and IRS worksheet. 

Tax Calculator - Tax Refund & Return Estimator 2023-2024 | TurboTax® Official

2024 Form 1040-ES

 

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TurboTax Expert