When preparing my 2019 Federal and California, I used the TurboTax estimated taxes worksheet to determine the estimated taxes that I would need to pay quarterly in 2020. TurboTax 2019 claimed that I would not have to make quarterly payments. Unfortunately, TurboTax 2020 calculations indicate my tax liability exceeds the $1000 safe heaven amount and now needed to pay a tax penalty.
With regard to Social Security, do you enter the gross amount you expect to receive or the taxable amount?
If you have a loss carry forward, should you enter that in the worksheet or does TurboTax loss data from your current return?
Any recommendations on how to fill out the estimated tax worksheet would be appreciated.
