You might need to send in quarterly estimated payments if you don't have enough other tax withholding (like from W2 wages) to cover any self employment tax on a business profit.
Turbo Tax will calculate the 1040ES estimated payments
https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
To prepare estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.
You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
Or Go to….
Federal Taxes or Personal (Desktop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
To just estimate the remaining quarters put in that you paid $1 for the missed quarters so it will only calculate the remaining quarters.
How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875
Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
The 1040ES quarterly estimates are due April 15, 2021, June 15, Sept 15 and Jan 18, 2022. Your state will also have their own estimate forms.
Or you can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2021 Estimate
