topic Estimated Taxes in Get your taxes done using TurboTax

Estimated Taxes

magpie42 — Mon, 28 Feb 2022 13:22:02 GMT

I paid about 15K in estimated taxes the first quarter of 2021. How do I enter that? I see there is a requirement for a for a form? I had entered the amount on the IRS website and the IRS did deduct the 15K from my brokerage account for the first quarter of estimated taxes related to stock trading.

In the second quarter, I had a miscalculation and wipeout with VIAC stock on my part which destroyed my trading account. So, I did not pay estimated tax for the rest of the year and I have a bigger short term capital loss. But I figure I might get some of that estimated tax money back from Q1 and IRS?

Thanks in advance.

Re: Estimated Taxes

DoninGA — Mon, 28 Feb 2022 13:26:12 GMT

To enter, edit or delete estimated taxes paid (Federal, State, Local) -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Estimates, click on the start or update button

Or enter estimates paid in the Search box located in the upper right of the online program screen. Click on Jump to estimates paid

Or click on Tax Tools on the left side of the online program screen.
Click on Tools
Click on Topic Search
Type in estimated tax payments, click on GO

Federal estimated taxes paid are entered on Form 1040 Line 26

Re: Estimated Taxes

magpie42 — Mon, 28 Feb 2022 13:36:12 GMT

Thanks for the help! Much appreciated!