topic Where is the calculator in Turbotax Deluxe 2020? (There is no toolbar on the side!) in Get your taxes done using TurboTax

Where is the calculator in Turbotax Deluxe 2020? (There is no toolbar on the side!)

Ka8yyn — Wed, 10 Mar 2021 15:15:33 GMT

Re: Where is the calculator in Turbotax Deluxe 2020? (There is no toolbar on the side!)

JohnB5677 — Thu, 11 Mar 2021 16:29:00 GMT

The only calculator I'm aware of is the Tax estimator.

You can calculate your 2021 estimated taxes and generate the payment vouchers by doing this:

In TurboTax please follow these steps:
After opening the return select FEDERAL
Choose Other Tax Situations
Scroll down to Other Tax Forms
Select Show More
Scroll to Form W-4 and Estimated Taxes
Follow the steps from there

There is also an Online version that can be reached at: TurboTax Tax Estimator.

Estimated taxes are important so you can avoid tax penalties.

The underpayment penalty may apply if :

The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year.
- Example: in 2020 you had $8,500 withheld in taxes. Your 2020 tax return shows that you owe $10,000. That is less than 90% and there will be a penalty.
The amount you paid during the tax year didn’t at least equal 100% of your taxes owed the prior year.
- Example: Your 2019 tax return showed that you had $9,000 as a total tax obligation. You paid $9,001 in withholdings in 2020. Your 2020 tax bill comes in at $20,000. There is no penalty because you paid 100% of the 2019 tax.
The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholdings and refundable credits.

The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily.

Re: Where is the calculator in Turbotax Deluxe 2020? (There is no toolbar on the side!)

Ka8yyn — Tue, 16 Mar 2021 20:50:15 GMT

Thank you.

Previously (must have been before TTAX 2019) there used to be an actual calculator tool function, that allowed a user to perform a calculation for a particular entry, and then it would automatically be pasted. (nothing to do with tax estimator) Of course an external actual calculator or iPhone work fine. Just wanted to confirm if this handy feature was removed from TTAX. Too bad.

Re: Where is the calculator in Turbotax Deluxe 2020? (There is no toolbar on the side!)

VolvoGirl — Tue, 16 Mar 2021 20:51:38 GMT

Was that in the Online version or the Desktop program?