topic I now have to pay quarterly taxes. In the past always purchased TTD as a local app and filed annually. How can I do this for calculating/paying quarterly taxes? in Get your taxes done using TurboTax

I now have to pay quarterly taxes. In the past always purchased TTD as a local app and filed annually. How can I do this for calculating/paying quarterly taxes?

kevininjc — Fri, 16 Aug 2019 10:21:53 GMT

Re: I now have to pay quarterly taxes. In the past always purchased TTD as a local app and filed annually. How can I do this for calculating/paying quarterly taxes?

Hal_Al — Fri, 16 Aug 2019 11:40:43 GMT

You cannot e-file quarterly tax payment thru TurboTax, but you can prepare the vouchers for mailing in.

In your 2018 software, enter at:

Federal Taxes or Personal (H&B version)

-Other Tax Situations

-Other Tax Forms

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

On the next screen answer No to the W-4 question

If your goal is just to avoid the underpayment penalty, then paying 100% of your prior year tax liability is the “safe haven”**.

Or you can obtain blank IRS Form 1040-ES from the IRS. The form and instructions are at this link: https://www.irs.gov/pub/irs-pdf/f1040es.pdf

You can also pay Federal directly here. Be sure to select 1040ES:

https://www.irs.gov/Payments

**You should pay in quarterly estimated taxes if you don't have enough withholding taken out to cover the tax on all your income.
You should make estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

Re: I now have to pay quarterly taxes. In the past always purchased TTD as a local app and filed annually. How can I do this for calculating/paying quarterly taxes?

Anonymous — Fri, 16 Aug 2019 17:10:14 GMT

TT has a tax projection website where you can enter your info to get an estimate of your taxes

https://turbotax.intuit.com/tax-tools/calculators/taxcaster

estimated taxes are due 4/15, 6/15, 9/15 and 1/15/2020

I highly recommend using the IRS website to pay. no risk of check getting lost in mail and you can even specify the date it's to be withdrawn and set up payments in advance. you can also print out a receipt showing all the info regarding the payment. note that the actual withdrawal might be a couple of days later than what you specified , but they are treated as timely as long as the payment date you requested is on or before the due date. your receipt is proof. the only requirement is that there be sufficient funds available for the payment