topic Estimated tax in Get your taxes done using TurboTax

Estimated tax

NDTexas — Wed, 03 Jun 2020 13:41:28 GMT

Hello,

I've got unexpected income this year, from which income tax had not been withheld. I estimated how much tax I need to for it, and need to pay it now.

I 'd like to use my instance of the TurboTax Premier 2019 desktop app, so that it will be automatically included in the calculations when I prepare the 2020 return next year.

How can this be done?

Thanks

Re: Estimated tax

MinhT1 — Wed, 03 Jun 2020 14:07:01 GMT

Yes. Please follow the instructions in this TurboTax Help topic.

Re: Estimated tax

NDTexas — Wed, 03 Jun 2020 15:10:10 GMT

Thank you, but this is not my question.

I do not want TurboTax to calculate my estimated taxes. I have calculated them myself from my current and projected situation. What I want is to use my installed TurboTax 2019 Premier to allow me to print a ONE-TIME voucher for 2020 with the amount I calculated, and, most important, remember it, so it is automatically included when I prepare my tax return next year for 2020.

I did not find this option in the application. I went to W-4 and estimated taxea function in TurboTax, but it "insists" on calculating my estimated payments from various information instead of just accepting my own estimates.

I need a ONE-TIME voucher because my income became unpredictable. IRS allows unequal estimated tax payments, but requires additional paperwork for it.

So, can I generate a one-time voucher with the amount I calculated and ensure that TurboTax includes it automatically into next year's tax return? How?

Alternatively, can I input my estimated payments manually into the tax return?

Thank you

Re: Estimated tax

RobertG — Wed, 03 Jun 2020 17:43:15 GMT

You can print next year's estimated tax vouchers (Form 1040-ES) in your 2019 program:

Sign in to TurboTax and select the Take me to my return button on the main screen.
Search for 1040-es and select the Jump to link in the search results.
Answer No to the W-4 withholding question.
Select Prepare Now. You'll be asked a series of questions about your 2020 income. Answer them as best you can.
When you get to the Print Vouchers? screen, answer Yes. They'll print with your federal return.
- If you get the No Payments screen instead, you don't need to make 2020 estimated payments based on what you entered.

TurboTax won't 'know' how much you paid in estimated taxes when you prepare your 2020 return.

To enter your estimated payments type 'estimated taxes' into the search box and select 'Go to estimated taxes'

The easiest way to pay estimated taxes is at the IRS website: Paying Your Taxes.

Re: Estimated tax

VolvoGirl — Wed, 03 Jun 2020 17:58:03 GMT

First of all it won't transfer or import to 2020 next year so you will still have to remember to enter it.

You can switch to Forms Mode and open the 1040ES. If you don't have any listed you can find it in the US Listing of Forms on the right side. Find voucher 1 and override it.

Or You can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate