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I pre-paid taxes to cover money I withdrew from my 401K. How do I enter this so TurboTax doesn't think I owe more taxes?

 
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2 Replies

I pre-paid taxes to cover money I withdrew from my 401K. How do I enter this so TurboTax doesn't think I owe more taxes?

@ Rex-A-Hanson     How did you make this payment?   Was it in the form of withholding made by the 401K company, or did you make estimated tax payments yourself? 

i.e., are you asking how to enter estimated tax payments you made so you get credit for them on your return, as opposed to any withholding?   If you made upfront tax payments yourself, here's how to get to the section.

 

Here's a tool that should get you directly to the estimated tax payments section.  I've also provided an alternate navigation method in a comment that follows this one.

 

  • With the return open, go to the left menu column and click on TAX TOOLS, then the subtab TOOLS.
  • In the Tools Center choose the blue button Topic Search.
  • In the topic search line enter the phrase estimated tax payments without quotes.
  • Make the selection in the list (it may already be highlighted), and either double-click it or click the GO button.
  • Next screen is Estimates and Other Income Taxes Paid.
  • Use the subtopic Estimated Tax Payments.
  • Choose the appropriate category and tax year you are reporting (Federal, state, local) and click START or Revisit.

NOTE:  Before filing, make sure your Federal estimated tax payments correctly show on the Form 1040, Line 26, and that any state estimated tax payments (if applicable) show up on your state return.

I pre-paid taxes to cover money I withdrew from my 401K. How do I enter this so TurboTax doesn't think I owe more taxes?

@ Rex-A-Hanson 

I provided the shortcut method above to go directly to the estimated tax payments entry section.   If you want to use regular navigation, here's how.  So between the 2 methods, you should be able to use one or both of them.

 

When you click in the left column tab for Deductions & Credits, it may take you to a page called "Your Tax Breaks".   That shows the "Tax Breaks", i.e., deductions, that someone has already worked on this year or that TurboTax is expecting from what was entered last year.   Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording.   When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid."  Then that topic can be expanded further to get the subtopic Estimated Tax Payments.

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