How can I link the amount of my estimated tax which i paid to IRS through direct withdraw from my bank? My 1099-NEC just show the total my client pay only on Box 1.

Let's say: after enter the amount of money on box 1 for $58,000, the TB show Federal Tax Due: $10,611, I paid around $6000 through Estimated Tax. How can I find the link to show I already paid $6,000 and only owned $4000?

144

Expert Alumni

Jan 26, 2021 10:23:20 AM

You would enter your estimated tax payments in the Deduction & Credits section of TurboTax. It would be under the "Estimates and Other Taxes Paid". After you enter your income into TurboTax and continue to the Deductions and Credits Section, you will see a link, "Show me more deductions" at the bottom of the Blue section. Scroll down till you find the "Estimate and Other Taxes Paid" section then "Show More". The first option is Estimate Tax Payments. Continue through and enter your estimated tax payment in the quarter then were paid then "Continue".

You may be able to get any underpayment penalty waived if you have not requested a waiver in the last 3 years.

Click HERE for information from IRS.gov

Why sign in to the Community?

How can I link the amount of my estimated tax which i paid to IRS through direct withdraw from my bank? My 1099-NEC just show the total my client pay only on Box 1.