I had an extraordinary amount of income in 2016 from the sale of an industrial property. i must make $44,373 prepayments. how do i get those reduced?

islanderi — Thu, 06 Jun 2019 09:29:58 GMT

Are you saying that since your 2016 income was extraordin...

IsabellaG — Thu, 06 Jun 2019 09:30:00 GMT

Are you saying that since your 2016 income was extraordinarily high, your estimated tax payments for 2017 are too high?

It's not a requirement for you to make those payments. Estimated tax payments are just that, estimates of how much you believe you need to pay for income taxes in 2017. Ordinarily, TurboTax computes this automatically based on your 2016 return, but clearly that won't be an accurate estimate for you.

You can adjust your estimated tax payments for 2017 in TurboTax.

If you already filed your return and you used TurboTax Online, you can get back in to your return.

At the Welcome Home screen, go to the tab My TurboTax (see screenshot).

Under Some Things You Can Do, at the bottom of the screen, Choose Add a State (you aren't really adding a State, but you will be able to access your return). Take care not to make any changes to your tax return except for your estimated taxes.

Go to Federal Taxes, and choose Other Tax Situations.

Scroll down to Other Tax Forms, and start Form W-4 and Estimated Taxes.

Say that you don't want to change your W-4.

Say Prepare Now for estimated taxes.

On the screen Review Your Estimates for 2017, check that you want to adjust your estimates. Proceed to adjust your income estimates on the screens that follow.

If you don't want to do this in TurboTax, you can prepare 1040-ES vouchers by hand and either send them in with payment or pay electronically.

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

https://www.irs.gov/payments/direct-pay

topic I had an extraordinary amount of income in 2016 from the sale of an industrial property. i must make $44,373 prepayments. how do i get those reduced? in Deductions & credits

I had an extraordinary amount of income in 2016 from the sale of an industrial property. i must make $44,373 prepayments. how do i get those reduced?

Are you saying that since your 2016 income was extraordin...