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icemjj7
New Member

I made pretax payments of $7000 before the end of 2005. How does this affect my total tax for the end of the year?

Should I be able to deduct this from my Federal taxes?
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2 Replies

I made pretax payments of $7000 before the end of 2005. How does this affect my total tax for the end of the year?

Those estimated tax payments are entered on Line 26 of the Form 1040 and are included in your Total Tax Payments.  The Total Tax Payments are subtracted from the Total Tax owed.  The TurboTax program calculates all of this for you.

 

To enter, edit or delete estimated taxes paid (Federal, State, Local) -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Estimated Tax Payments, click on the start or update button

 

On Federal estimated taxes for 2025 (Form 1040-ES), click the start button

 

Federal estimated taxes paid are entered on Form 1040 Line 26

DaveF1006
Expert Alumni

I made pretax payments of $7000 before the end of 2005. How does this affect my total tax for the end of the year?

To clarify, what types of prepayments were these for? Were they estimated tax payments or contributions to retirement plans? 

 

 

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