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Level 1
posted Aug 30, 2023 9:16:11 AM

Estimating what I owe

I saw there was a form to estimate how much I owe, but is there any easy way to get an estimate. I don't want to make a mistake filling the form and face a penalty later. 

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2 Replies
Employee Tax Expert
Aug 30, 2023 9:21:36 AM

Thanks for the question Anip.

Yes there is an easy way to estimate your taxes for the current year.  Use our Tax Caster program.  Here is the link:

Turbo Tax Caster  

Also you can make your payments on IRS.gov under "make a payment" button.  

Great job being proactive with your taxes!

Employee Tax Expert
Aug 30, 2023 9:28:37 AM

TurboTax does have Calculators to help figuring out your estimated taxes: Please check out https://turbotax.intuit.com/tax-tools/

If you are using TurboTax for  filing your 2022 tax return, then the software can also help with figuring out the estimated taxes: https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-year-federal-estimated/L9a7GqBR4_US_en_US?uid=lf71us2p 

Based on your 2022 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments.

  • 90% of your estimated 2023 taxes
  • 100% of your actual 2022 taxes (110% if your adjusted gross income was higher than $150,000, or $75,000 if Married Filing Separately)

There are two additional IRS-approved methods available:

  • 100% of your estimated 2023 taxes
  • 66 2/3% of your estimated 2023 taxes (farmers and fishermen only)