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Level 3
posted Sep 5, 2024 10:00:54 AM

Estimated next year's taxes too high

We are self-employed and pay estimated taxes each year. It seems we over-estimated our taxes for 2024. How do we adjust them at this time? Can it be done in TurboTax 2023? 

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2 Replies
Level 15
Sep 5, 2024 10:11:48 AM

You pay estimated tax directly to the ziRS and your state. If you have over paid just pay less for your September and January payments. 

Level 15
Sep 5, 2024 10:17:23 AM

Yes there are several ways.  Looks like you are using the Desktop program?  You can adjust them in the 2023 program or just cross out the amount on the 1040ES slip and pay a new amount or pay directly online.  I also use the What-If worksheet to help calculate the total tax for 2024 to based my estimates on.

 

Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

Say no to W4 and continue

 

Or You can switch to Forms mode and open the Estimated Tax Payments Options sheet.  You can even select to print the estimates with just your personal info and no amounts.  You  can play with and tweak the amounts.  You can open the individual 1040ES forms and override the amounts.  

 

You can print them with the amount you want in the Desktop program.  I used to.  But now I use the preprinted forms the IRS sends me each year and write the amount on it.  Then they fit in the envelopes the IRS sends with them.  Much easier.   Or you can just pay the IRS directly online.  No forms involved.  And you don't have to cut them.

 

Same for state.  Find the estimates in the state forms.