Estimated taxes

Forum|Forum|3 years ago
October 29, 2022
2 replies
2 views

My income in 2023 will be almost entirely for a tax free Roth Ira. How do I calculate my estimated quarterly tax payments? Turbo tax will base my estimated taxes on a much higher taxable income from 2022.

Bsch4477

Level 15

TurboTax offers a calculator.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

IRS also has one.

Hal_Al

Level 15

You are not required to use the Estimated tax forms TurboTax (TT) produces. You can just ignor them since you know you will have no tax for 2023.

Alternatively, you can use your 2022 TT software to prepare estimates based on your anticipated 2023 income.

TurboTax (TT) can prepare the quarterly payment vouchers. In your 2022 software, enter at:

Federal Taxes or Personal (H&B version)

-Other Tax Situations

-Other Tax Forms

-Form W-4 and Estimated Taxes - Click the Start or Update button

On the next screen answer No to the W-4 question

Estimated taxes

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