Estimated Tax Payments

[Anonymous]

Early March, I had an inkling that there was going to be a pretty big market correction due t the Covid 19 virus so I sold some stock and as such had some long term capital gains.  Since I am retired and not yet taking Social Security, I have very little withholding so I assumed I needed to file an estimated tax payment for 2020 to avoid an IRS penalty for underpayment.

I went to the IRS.gov website and set up an account and made the 2020 estimated payment equal to 15% of my capital gains. 

My question, "do I also need to file the IRS form 1040ES or is making the online payment sufficient?". 

Also, If I need to file the form,  howI do it in TurboTax (I have the 2019 version) and can I file it electronically.

Thanks in advance for the help

[tagteam · Accepted solution]

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@Anonymous wrote:

My question, "do I also need to file the IRS form 1040ES or is making the online payment sufficient?". 

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Making payment online, as you did, is sufficient.

You do not need to file Forms 1040-ES since those are only for taxpayers who mail in payments by check or money order.

[Anonymous · Accepted solution]

Thanks for the quick reply

[Moniquebloe]

I can’t figure out how to efile

[KatrinaLO]

Please see the short video below for steps to complete your 2020 tax return:

https://turbotax.intuit.com/best-tax-software/how-it-works/

Please see the information below for assistance:

https://turbotax.intuit.com/best-tax-software/common-questions/#

[skacmar]

How can I make an e-file of an estimated tax payment on Turbotax?

[HeatherPLO]

Please see the Help Article here for further assistance with making estimated tax payments.  

@skacmar