In general, you may owe the penalty for 2020 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:
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90% of your 2020 tax, or
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100% of your 2019 tax. Your 2019 tax return must cover a 12-month period.
Special rules for certain individuals.
- Different percentages are used for farmers and fishermen, and certain higher income taxpayers.
Here are the answers to your questions.
#1 Yes,, the federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year.
#2 TurboTax can help you calculate your 2021 estimated income taxes. See How does TurboTax calculate my estimated tax payments?
#3 Yes, TurboTax helps you with your estimated tax payments. See #2 above and How do I print estimated tax vouchers for my 2021 taxes? or How do I make estimated tax payments?
#4 Pay the 1st quarter 2021 estimated income tax separately. Do not include it with 2020 your income tax return. See How do I make estimated tax payments?
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