I'm using TurboTax 2018 to estimate my 2019 taxes. I need to enter the fact that I'm withdrawing $$ from my SEP to meet my expenses. How/ where do I enter this in Turbo Tax?
Those will be reported next year on a 1099-R ... using the estimate/W-4 section enter that annual total in that retirement section .... you can also have withholding from the SEP.
You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments. There is also a place in that interview to enter what you have already paid for 2018 (if applicable), and it will let you include any expected income changes or any other changes you have for 2018.
· Launch TurboTax and open your 2018 return.
· Go to the Federal Taxes tab. (Personal tab in Home and Business)
· Then at the top choose subtab "Other Tax Situations"
· Scroll way down to last category "Other Tax Forms"
· Find topic "Form W-4 and Estimated Taxes" and click Start or Update.
· If you need to adjust withholding, go through the W-4 interview.
· If you don't need the W-4 (withholding) interview, you can skip that part and go to the 2018 estimated taxes interview.
· You may get a screen that says "Review your Estimates for 2019?" and asks "Do you want to adjust/review your income or deductions". Say YES (or Review Now), so you can get to the additional questions.
· You will go through a lot of screens asking about expected income and deductions.
· Finally, you will come to a screen that says "Enter Payments You Expect to Make."
· There are some boxes there that say "Enter estimated tax payments you've already made for 2019."
· Next screen will ask "which method" to use to calculate your 2019 estimated payments.
· Next screen will ask if you want to print vouchers.