TurboTax provides the capability to calculate 2024 estimated quarterly tax payments in its 2023 tax return software. Estimated taxes are needed when you have income (like bank interest) which does not have withholding tax taken from it. TurboTax will print the four federal and state estimated tax submittal forms that a taxpayer needs to use.
TurboTax Deluxe provides a few different ways to calculate the next year's estimated tax. For example, one option is to just pay 100% of your 2023 taxes.
Another option is for the taxpayer to make an estimate of their anticipated 2024 income and TurboTax will calculate the amount of taxes due. This is the calculation that is wrong for the State of Georgia.
In order for taxpayers (or TurboTax for them) to make this calculation, the State of Georgia has included in its 2023 tax booklet and its 2024 estimated tax form the changes between the 2023 and the 2024 tax laws. In my original message, I provided the sites.
TurboTax included in its 2024 estimated tax calculation only the new flat rate tax that started on January 1st. The TurboTax calculation did not include the changes to the deductions.
One of the problems with the TurboTax worksheet for Georgia Estimated Taxes is that TurboTax groups adjustments and deductions in a single line. If the TurboTax worksheet followed the same format as the State of George estimated tax worksheet, anyone could clearly see the error.
