Does your 2017 estimated tax program for 2018 income incorporate the 20% income deduction for small businesses?

daviddauphine242 — Sat, 01 Jun 2019 15:52:42 GMT

My schedule C estimated income for 2018 will be 20% less with the new tax deduction. This will make a big difference in the amount required for quarterly estimated tax payments.

Does the 2017 program take this into account?

Thanks, David

They have provided a line in the interview for the estima...

AnthonyC — Sat, 01 Jun 2019 15:52:44 GMT

They have provided a line in the interview for the estimated tax preparation screens to account for the business income deduction (see screenshot below). But, you will need to enter the amount of income you expect to be able to deduct into the program (it's not going to automatically assume you qualify for this deduction and enter 20%).

If you need to get back to this section of the program, follow the steps below to access this portion of the program - (or use the search feature and search for "W4" and click the jump to link)

Log into your account
Hit Take Me to My Return
Click Federal Taxes
Click Other Tax Situations
Scroll down to Other Tax Forms
Select Form W4 and Estimated Taxes

topic Does your 2017 estimated tax program for 2018 income incorporate the 20% income deduction for small businesses? in Get your taxes done using TurboTax

Does your 2017 estimated tax program for 2018 income incorporate the 20% income deduction for small businesses?

They have provided a line in the interview for the estima...