Self employed and estimated taxes

[TaxDocMama]

Will TurboTax premier calculate my estimated taxes for 2023 or do I need to use other software OR fill out the form myself (which I did last year and it was less than thrilling)? 

What info do I need to have TurboTax calculate my estimated taxes if my self employment income will be a bit higher this year than last year?

Thanks for your input!

[DavidD66]

You can use TurboTax to do the calculations for you, or you can get a copy of the worksheet accompanying Form 1040-ES and work your way through it.  To use the program to calculate your estimated taxes:

1.      Click on Federal Taxes > Other Tax Situations

2.      On the screen, Let's check for any uncommon tax situations, in the Other Tax Forms section, click on the Start/Revisit box next to Form W-4 and Estimated Taxes.

3.      On the screen Adjust How Much Tax You Pay click the No box.  [This is to update your W-4 for withholding from a paycheck.]

4.      On the next screen, Estimated Taxes for 2023, click the Prepare Now box.  [If you've already entered information in this section, you will see the Review Now box instead.

5.      On the Review Your Estimates for 2023 screen TurboTax will display 2023 quarterly estimates based on your 2022 income.  If you think your 2023 financial picture will differ, click on the Yes box to adjust your income or deductions.  Note:  Once you have filed your return, you cannot return to this section and calculate your estimated tax.

6.      Continue through the screens, entering the requested information.  TurboTax will then calculate your quarterly estimated payments for 2023.

[VolvoGirl]

You can go back into your return after you file.  

To prepare estimates for next year you start with your current return, but be careful not to change anything.  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 (Deskop H&B)

Other Tax Situations

Other Tax Forms

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

The 1040ES quarterly estimates are due April 18, June 15, Sept 15 and Jan 16, 2024.  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.....2023 Estimate

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf