2020 will be the first time I have ever been self employed and need to file quarterly estimated taxes (I assume for both federal and state). I used the TurboTax premier software to complete my 2019 taxes, but I can seem to find how to use the software to calculate estimated taxes and provide the forms with my employment and income change expected in 2020. Can someone please provide guidance on how to get this completed in the turbotax software. I tried reading the IRS website, but just got confused. Thank you in advance for your help!
Turbo Tax will calculate the 1040ES estimated payments
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).
Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
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