topic Credits in Deductions & credits

Credits

ghcook1935 — Thu, 26 Mar 2020 21:47:46 GMT

I pay monthly to the US Treasury (Jan1 -Dec 2019). Where do I put these credits on 1040 form

Re: Credits

VolvoGirl — Thu, 26 Mar 2020 21:51:00 GMT

What did you pay for? Were you making estimated payments towards your 2019 return? If you were on a payment plan for past tax due that is not entered or deductible on your current return.

Re: Credits

DoninGA — Thu, 26 Mar 2020 21:51:26 GMT

Why are you paying the US Treasury monthly? What type of payments are you sending that would need to be entered on at tax return?

Re: Credits

ghcook1935 — Thu, 26 Mar 2020 21:56:38 GMT

I am retired and my income is from investments. I send the US Treasury monthly payments to ease my total income tax. Last years returns had a line in 1040 for qterly/ monthly payments

Re: Credits

ghcook1935 — Thu, 26 Mar 2020 21:59:21 GMT

Not on a payment plan. Just sending money to pay taxes for the yr 2019. Have no earned income. Retired

Re: Credits

VolvoGirl — Thu, 26 Mar 2020 22:00:48 GMT

Sure. Just unusual to see monthly payments instead of quarterly.

For 2019 Federal Estimated payments should be on schedule 3 line 8. And go to 1040 line 18d.

You can type estimates paid in the search box at the top of your return and click Find and it will give you a link to Jump To it.

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to

Federal on left or at top. Personal (Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated Taxes - click the start button

Re: Credits

DoninGA — Thu, 26 Mar 2020 22:02:07 GMT

@ghcook1935 wrote:

I am retired and my income is from investments. I send the US Treasury monthly payments to ease my total income tax. Last years returns had a line in 1040 for qterly/ monthly payments

Those would be 2019 estimated tax payments -

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 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 Schedule 3 Line 8. The totals for Schedule 3 flow to Form 1040 Line 18d