topic Estimated tax for 2017 why I hace to calculate? in Get your taxes done using TurboTax

Estimated tax for 2017 why I hace to calculate?

koinobori1027 — Thu, 06 Jun 2019 05:35:34 GMT

Me & my husband are employee of company and NJ tax due is about 1000 dollar & we were brought to NJ Estimated Tax for 2017 screen from TurboTax. We don't know why we have to do NJ Estimated Tax for 2017. Should we change withholding to Single for State, we do not worry to do estimated tax for 2017? Even we pay less, we will do Tax return for 2017 next year & pay due, why we must worry Estimated Tax & penalty from IRS?

Yes, you can reduce your allowances with your employer to...

AmandaR1 — Thu, 06 Jun 2019 05:35:36 GMT

Yes, you can reduce your allowances with your employer to increase taxes withheld, instead of paying estimated taxes. This accomplishes the same goal.

Often this happens when you have income received that you did not withhold taxes on. This could be a rental property income, retirement withdrawal, or a one-time payment, etc. Alternatively, your allowances could just be higher than they should be. Withholdings are merely an estimate.