topic Do I still need to file in April 2022 if I paid estimated taxes each quarter? in Business & farm

Do I still need to file in April 2022 if I paid estimated taxes each quarter?

NatalieMang — Sun, 09 Jan 2022 19:28:58 GMT

This is my first time filing as self-employed. I’ve been putting money away based on tax percentages and my net income and paying quarterly payments throughout 2021 and this week at IRS.gov website. I’m wondering if I still need to file in April through Turbo Tax since I’ve already been paying?

Even though I’ve already paid for Q3 and 4, I’m not seeing any of those payments appear on QuickBooks or TurboTax so it’s kind of confusing.

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

TomD8 — Sun, 09 Jan 2022 19:48:01 GMT

Yes, you still need to file a tax return. Making estimated tax payments does not relieve you of that obligation. Your self-employed income and expenses are entered on Schedule C of your tax return.

Enter your estimated tax payments in the Estimates and Other Taxes Paid section of Deductions and Credits.

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

NatalieMang — Sun, 09 Jan 2022 19:48:15 GMT

Thanks Tom! And I’m assuming there is some way to transfer the deductions and transactions I have been tracking on the QuickBooks Self Employed app to TurboTax?

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

TomD8 — Sun, 09 Jan 2022 21:48:00 GMT

https://quickbooks.intuit.com/learn-support/en-us/help-article/taxation/send-quickbooks-self-employed-tax-info-turbotax/L5x490sqZ_US_en_US

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

VolvoGirl — Sun, 09 Jan 2022 21:52:28 GMT

If the Estimates don't transfer from QuickBooks you can enter them manually.

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 for Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated Taxes - click the start button

Do not enter them as Other Federal Withholding! Only enter them in one place.

For 2021 Federal Estimated payments should be on 1040 line 26.

You enter state estimated payments under the federal side (because they can be a federal itemized Deduction). THEN after you finish filling out the estimates under Federal you need to click on the State Tab at the top and start the state return over for it to update.

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

VolvoGirl — Sun, 09 Jan 2022 21:56:15 GMT

Are you using Turbo Tax Self Employed version and QBSE QuickBooks Self Employed version?

There is only one way to get data from QuickBooks Self-Employed (not the same as QuickBooks Online) into TurboTax Self Employed version at this time -- sign in to QBSE and look for a TurboTax access point from the Annual Taxes page (there will be others, but this is the easiest to explain). You can export data from QBSE -- there is not a way to start from TurboTax and pull in QBSE data yet.

How to export your QuickBooks SE info to Turbo Tax

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-send-my-quickbooks-self-employed-tax-information-to-turbotax/00/26726

You should get a free Turbo Tax return if you have the QBSE QuickBooks Self Employed version. How to get your free Turbo Tax Self Employed version from the QuickBooks Self Employed version

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-access-turbotax-self-employed-when-i-m-ready-to-export-my-quickbooks-self-employed-tax-info/00/26725

If your QuickBooks Self Employed data didn't show up in Turbo Tax. Go to the QuickBooks help. See this article

https://quickbooks.intuit.com/learn-support/en-us/sync-data/my-quickbooks-self-employed-data-didn-t-show-up-in-turbotax-self/00/185386

Here’s the QuickBooks Support Page. Probably says the same things but maybe in a different way

https://community.intuit.com/articles/1761834-export-your-data-to-turbotax-self-employed

Re: Do I still need to file in April 2022 if I paid estimated taxes each quarter?

Carl — Mon, 10 Jan 2022 01:03:05 GMT

I’m wondering if I still need to file in April through Turbo Tax since I’ve already been paying?
You absolutely need to file a tax return. Making estimated payments doesn't change that. Remember, you made *estimated* payments. If you paid to much, then you'll get the excess refunded when you file. If you paid to little, then you'll owe the IRS when you file. The only way to reconcile with the IRS each year, is to file a tax return.

Even though I’ve already paid for Q3 and 4, I’m not seeing any of those payments appear on QuickBooks or TurboTax so it’s kind of confusing.

TurboTax has no way of knowing what you paid, or when you paid. That's why there's a section in the program under the Deductions & Credits tab called "Estimates and other taxes paid". You'll enter your quarterly payments there when you get to that point in the program interview process.

The Quickbooks program only knows what you tell it. Nothing more. Nothing less. So if you didn't enter your quarterly payments into the QB program *and* properly label them in the QB program, they won't be corrected imported into the TTX program (if you elect to import your data from QB, that is.)