topic Re: 2020 estimate` in Get your taxes done using TurboTax

2020 estimate`

carl750 — Mon, 29 Jun 2020 15:52:29 GMT

I want to estimate 2020 taxes. I attempted to use the FORM "ES & W4 Wks", but that worksheet pre-fills and will not let you change Taxable Income in the 2020 Expected column ......... which makes the form worthless. Is there a fix?

Re: 2020 estimate`

DoninGA — Mon, 29 Jun 2020 15:58:59 GMT

Don't use the worksheets in Forms mode. Let the software assist you with the 2020 estimated taxes.

See this TurboTax support FAQ for 2020 estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 16:16:34 GMT

Your link says: "With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link."

But it just brings up a list of articles, there is no "Jump to link" that I can see

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 16:20:07 GMT

I repeated the search several times and magically the last time the "jump" appears, thanks

Re: 2020 estimate`

VolvoGirl — Mon, 29 Jun 2020 16:21:33 GMT

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

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 16:45:30 GMT

How is "other income and losses" calculated. I look at the number it supplies for 2019 and then at the 1040-SR I filed for 2019 and don't see how TurboTax came up with the 2019 number.

Re: 2020 estimate`

VolvoGirl — Mon, 29 Jun 2020 16:53:29 GMT

What line on the 1040? You probably have to look at Schedule 1 or Schedule D to see the other income. Or schedule C for self employment business income or loss.

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 16:55:43 GMT

The number they show is slightly less than line 7b (total income)

Re: 2020 estimate`

VolvoGirl — Mon, 29 Jun 2020 17:04:12 GMT

Sorry that makes no sense to me. What are you talking about? What line don't you understand? Line 7a for Other income from Schedule 1 line 9?

Are you looking at a Review or Summary screen? Don't go by those. Those lump a lot of things together. Look at your actual 1040 or 1040SR.

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 17:09:32 GMT

I am on the "Enter 2020 Other Income" "Enter the net of all other income and losses you expect in 2020." The 2019 number is 97.5% of the number in line 7b of my 2019 1040-SR that was filed.

Looking at "FORMS" for my 2019 filing, Turbo did not generate a Schedule 1

Re: 2020 estimate`

VolvoGirl — Mon, 29 Jun 2020 17:13:52 GMT

Oh I am sorry. I forgot you are asking about filling out estimated payments. I can't help you with that. Again Sorry. It's just an estimate. Put anything you want. Don't worry too much about it.

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 17:16:31 GMT

Figured it out

"Other Income and Losses" = 1040-SR line 7b minus line 6 minus line 1

Not sure why they do it that way.

Re: 2020 estimate`

VolvoGirl — Mon, 29 Jun 2020 17:37:22 GMT

Well that makes sense. You enter any wages and investments separately. This is for all the rest.

Re: 2020 estimate`

carl750 — Mon, 29 Jun 2020 17:39:06 GMT

Thanks for all the help

signing off