You can use the W4 and Estimated Taxes tool in TurboTax to estimate your annual tax liability and decide whether to pay estimated taxes or have additional amounts withheld from your paycheck.
You need to sign into your 2020 Tax Return ( you may need to select "Add a state" to re-open the tax return).
- Select Federal Taxes
- Then select Other Tax Situations
- Then select Other Tax Forms
- Then select Form W4 and Estimated Taxes
If you plan to have additional amounts withheld from your paycheck, then you should choose "Yes" on the W4 screen, and then follow the prompts to work on adjusting your W4.
If you plan to pay estimated taxes, then you should choose "No" on the W4 screen, and then proceed to Estimated Tax section and follow the prompts to work on calculating your estimated taxes.
In either case, at the end of the calculation, the software will indicate whether you will owe at tax time. The accuracy of the result depends on the accuracy of your estimates of your income and deductions.
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