topic Paying Quarterly Taxes EFTPS in Get your taxes done using TurboTax

Paying Quarterly Taxes EFTPS

Virtualoo — Wed, 31 Mar 2021 17:45:39 GMT

I have never paid quarterly taxes before on my Doordash/Uber eats jobs as I always just did it at once with my W2 at the start of filing time normally for that job

If I started paying quarterly taxes now through EFTPS through the IRs, would TurboTax know to reflect these payments on my taxes?

If I also do not pay enough in this way, how would TurboTax display this?

Re: Paying Quarterly Taxes EFTPS

ColeenD3 — Wed, 31 Mar 2021 18:01:07 GMT

No, it works the same way as if you had written a check. TurboTax would have no way of knowing that you did that or for how much unless you entered the information in the program.

If you made estimated tax payments in 2020 towards your federal, state, or local taxes, enter them in the Estimated and Other Income Taxes Paid section.

With your return open, search for the term estimated tax payments.
Select the Jump to link.
Choose Start next to the type of estimated tax payment you'd like to enter.

Re: Paying Quarterly Taxes EFTPS

Virtualoo — Wed, 31 Mar 2021 20:32:46 GMT

So if I pay too much of too little in that section I fill out when I finish filing my 2020 taxes in 2021, it will say so or fix accordingly?

Re: Paying Quarterly Taxes EFTPS

ColeenD3 — Wed, 31 Mar 2021 22:14:31 GMT

There is nothing to fix. You are reporting how much you paid. If you pay in too much, you get a refund; too little and you owe. It works exactly the same as withholding. The only difference is, your employer has a chart to go by and he withholds the correct amount from each paycheck (and he also sends it via EFTPS). You are estimating, since there is no exact weekly amount.