Estimated Tax Payments for 2024

[dtibbetts70]

Hello,

I thought I saw a calculator in Turbo Tax for estimated tax payments for 2024. 2024 is the first year that I have to make estimated tax payments since I'm no longer working. All of my income this year will be made as Capital Gains, both short term and long term, from investments that I am making. Last year in 2023, my AGI was $187k, with taxable income of $155k, and we are receiving a refund of $4,178.

However, including YTD and for the rest of the year, I'm expecting large amounts of Capital Gain Income. 

Thank you!

Question 1 - Do I need to make estimated tax payments for 2024 (I'm pretty certain I do, but just want to confirm)

Question 2 - Does Turbo Tax have an estimated tax calculator that I can use?

Thank you for your help!

[VolvoGirl]

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say NO to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

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

The 1040ES quarterly estimates are due April 15, June 17, Sept 16 and Jan 15, 2025  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2024 Estimate

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

[dtibbetts70]

Great, thank you so much!