Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
cossettini
New Member

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

 
5 Replies
Texas Roger
Level 15

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

TurboTax doesn't know that so you must use the estimated tax payment tool to make the adjustment. Type estimated tax payments for next year in the search box and click on jump to estimated tax payments for next year. Say No to changing your W-4 and continue on from there. 

fanfare
Level 15

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

Estimated tax payments are just that, estimates.

Make the necessary adjustments as you go.

cossettini
New Member

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

The replies miss the target. The fed decision about skipping distributions for 2020 came after my taxes were ready to be filed by turbo. I tried to follow the replies to my question but the steps suggested don't work.

What I think is that turbo should have approached every customer that takes distribution yearly and propose an editing to the their returns even if they have to charge a reasonable fee. Presently the only way they answer the phone is you pay almost twice the fee I already paid. Consequently I calculating my fed and state estimates myself risking penalties for errors. 

I not sure I will return to turbo next year.

VolvoGirl
Level 15

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

You can go into your return and recalculate the estimates.  Or just cross out the amount and write in a new amount.  The estimates are optional to pay and don't get sent with your return and the IRS won't be expecting them.

 

To prepare or edit estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

BillM223
Expert Alumni

Will turbo amend my 2020 estimates to account for lower 2020 income since I will not take distribution as permitted by the IRS this year?

As fanfare said, the amounts printed on the 1040-ES forms are just estimates. You are perfectly free to scratch out the numbers printed there and write in new ones, or skip paying them altogether if you do not believe that you will need to do so.

 

The 1040-ES forms that were printed ARE NOT PART OF YOUR 2019 RETURN, but are printed for your convenience in case you want to use them.

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v