topic Estimated Tax Payment in Get your taxes done using TurboTax

Estimated Tax Payment

SinCityTitty — Wed, 10 Mar 2021 02:45:21 GMT

Hello,

I was told that if I paid 110% of the prior year taxes, i can just pay 1 quarter of the taxes then skip it til tax returns rather then filing each quarter. Question is what if my previous year was just refunds back to me from the federal & the state with no payment due, how should i calculate how much to pay the estimated taxes for the upcoming year

Re: Estimated Tax Payment

npierson7 — Wed, 10 Mar 2021 03:01:51 GMT

If you had a refund and no tax owed, the nest year you won't have underpayment penalties and can pay all your taxes with your tax return. You can make estimate tax payments to avoid balance due.

You can use TurboTax withholding calculator to figure out what will be your approximate taxes and pay it quarterly during the year.

Withholding calculator

Re: Estimated Tax Payment

rjs — Wed, 10 Mar 2021 03:18:53 GMT

The 110% applies to the total tax liability on your prior year tax return, not to the payment due when you filed. For most people the total tax liability is the amount on line 16 of your 2019 Form 1040 or line 24 of your 2020 Form 1040.