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Level 1
posted Aug 30, 2023 10:50:00 AM

Estimating Income

How do I estimate income? I recently switched from a w2 position to a 1099. Over the course of a year, I should make more at my current position than my w2 position; however, it will take several months to build up to my expected income. I noticed a lot of estimators use the previous tax year to estimate, but I expect my income to be significantly different than the previous tax year. Any suggestions?

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1 Replies
Employee Tax Expert
Aug 30, 2023 10:59:13 AM

Thanks for the question, Mikayla!!

 

You can use the TurboTax Tax caster tool: https://turbotax.intuit.com/tax-tools/

 

TurboTax also calculates the estimated tax payments for next year based on 2022 tax return.

Turbo Tax Help article: How does TurboTax calculate my estimated tax payments? 

 

Can TurboTax calculate next year's federal estimated taxes?

 

 If you’d like to use one of the additional methods, answer Yes to the question "Do you want to adjust your income or deduction?" on the Review Your Estimates for 2023 screen.