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Level 1

1) what should my estimated 2018 tax payments be? 2) what is the maximum amount Karen can contribution other self employed IRA?

 
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Level 11

1) what should my estimated 2018 tax payments be? 2) what is the maximum amount Karen can contribution other self employed IRA?

You can use the TurboTax TaxCaster estimated payments calculator to help determine how much your quarterly payments should be.  Once you determine the annual total, simply divide the number by four to arrive at the amount to pay for each quarter.

Click this link to get started:  https://turbotax.intuit.com/tax-tools/calculators/taxcaster/.

The maximum contribution limits to a SEP or SIMPLE IRA are as follows:

SEP

The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of

  1. 25% of compensation, or
  2. $55,000 for 2018

SIMPLE

You can put all your net earnings from self-employment in the plan:  up to $12,500 (in 2015 - 2018), plus an additional $3,000 if you're 50 or older (in 2015 - 2018), plus either a 2% fixed contribution or a 3% matching contribution.

Additional note on Estimated Payments:

You may also calculate your estimated taxes from within the TurboTax software as well as prepare 1040-ES payment vouchers by following these TurboTax FAQ steps:

  1. "With your tax return open, search for 1040-es (be sure to include the dash) and select the “Jump to” link.
  2. Answer No to the question,  Do you want to change your W-4 withholdings for 2018?
  3. On the next screen, Review Your Estimates, select Review Now.
  4. Proceed through the interview, answering questions about your 2018 filing status, income, deductions, etc.
  5. Eventually, you'll come to the Print Vouchers screen; answer Yes and we'll include your 2018 1040-ES payment vouchers when you print a copy of your return later.

Rest assured that TurboTax 2017 uses the 2018 tax rates recently passed by Congress and signed into law when calculating your 2018 estimated taxes."