Surprise distribution requires amended estimated tax?

[samzandt]

I paid 3 estimated tax payments already. I just got a large dividend that requires me to amend the 4th estimated tax payment so I don't get a penalty. How do I enter this in turbotax so that it calculates the new 4th quarter estimated tax payment I need to make? I assume it will then allow me to print a new 1040-ES Voucher 4 with the new amount. Also, is there any other form I need to send with this 4th voucher/payment showing the amendment?

[DoninGA]

If you used the TurboTax 2018 editions you can calculate and print the 2019 estimated tax forms.  There is nothing to send concerning why you are sending in the fourth quarter tax payment, just send the payment.  

The worksheets for Form 1040-ES are also available on the IRS website - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Estimated tax payments can also be paid on the IRS payments website using Direct Pay - https://www.irs.gov/payments

Do NOT change anything in the 2018 tax return that was filed, only calculate and print the estimated tax forms 1040-ES.

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

This will take you back to the 2018 online tax return.

See this TurboTax support FAQ for 2019 estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

[TomYoung]

Just to make sure here...

If you selected the appropriate 100%/110% "safe harbor" to avoid underpayment when you prepared your 2018 income tax return then that large 4th quarter dividend doesn't require any change in your payment schedule.   You'll owe more tax than you originally expected, but won't be subject to underpayment penalties.

If you do need to modify the last quarter's payment because you originally selected the 90% of current year's taxes save harbor, then when you complete your 2019 income tax return TurboTax may inform you that you're subject to an underpayment penalty.  That's because the initial calculation is done assuming income comes in smoothly during the year, and the penalty is calculated on a quarterly basis, potentially making you "underpaid" for the 1st three quarters.  If that's the case you'll need to "annualize" your income, telling TurboTax that the big dividend was a 4th quarter event.  TurboTax has an interview to assist you here.

[VolvoGirl]

If you do go back into your return to adjust the payments you will enter the first 3 you made then it will calculate the remaining amount.  You can just cross out the amount on the 1040ES and hand write the new amount in or just write in any amount you want.