How do I know what my estimated tax payment is for 2025

Forum|Forum|1 year ago
January 22, 2025
7 replies
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DoninGA

Level 15

See this TurboTax support FAQ for calculating 2025 estimated taxes - https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-year-federal-estimated/L9a7GqBR4_US_en_US?uid=m684armt

SabrinaD2

Alumni - Expert

When you prepare your 2024 tax return in TurboTax, it'll automatically calculate your 2025 estimated tax payments and prepare 1040-ES vouchers if it looks like you might face an underpayment penalty next year.

TurboTax calculates your estimated tax payments based on your projected 2025 income, credits, and deductions. It ensures the payments cover at least 90% of your 2025 tax liability or 100% of your 2024 tax liability (110% if your AGI exceeds $150,000).

If you want to calculate your estimated taxes and generate payment vouchers manually in TurboTax, here's how:

Open or continue your return in TurboTax.
Go to the 1040-ES section:
- In TurboTax Online/Mobile, search for "1040-ES" or navigate directly to it.
- In TurboTax Desktop, search for "1040-es" (with the dash) and select the Jump to link.
When asked, "Do you want to change your W-4 withholdings for 2025?" answer No.
Enter your expected 2025 filing status, income, and deductions.
When you reach the Print Vouchers? screen, select Yes, and TurboTax will include the 1040-ES payment vouchers when you print your return.

Click this link for additional information: Calculating Taxes in TurboTax

johnspringstead

Level 2

My income will change for next year as I will be required to take a required minimum withdrawal from my 401K, thus the 1040-es information needs to be adjusted.

LindaS5247

Level 14

You can use Form 1040-ES to calculate your estimated taxes. Form 1040-ES

There is a worksheet to calculate your estimated taxes.

The IRS has a calculator for determining withholdings: Tax Withholding Estimator

You can also calculate your 2025 estimated taxes and generate payment vouchers by doing this:

Open or continue your return.
Navigate to the 1040-ES section:
- TurboTax Online/Mobile: Go to 1040-ES.
- TurboTax Desktop: Search for 1040-es by typing "1040-es" in your search bar and click on the link "Jump to 1040-es" (be sure to include the dash)
Answer No to the question "Do you want to change your W-4 withholdings for 2025?"
Answer questions about your 2025 filing status, income, and deductions.
Eventually, you'll come to the "Print Vouchers?" screen.
Answer Yes and TurboTax will include your 2025 1040-ES payment vouchers when you print a copy of your return later.