About Refund With A 1099

[Mstrwooley]

Hello,

I have just started my 2020 taxes on Turbotax Deluxe. I have a 20,000 1099 from a client. I made this money in 2020. When I received the funds from the client I wrote a check for estimated 1040-ES first quarter payment of 4,500 bucks. I received the 1099 from the client and logged it into Turbo tax. Under (Deductions & Credits) I went to (Estimate & Other Taxes Paid) and on the top choice (Estimates) I logged the 4,500.00 estimated payment to the IRS. At this point Turbotax is telling me I have a 4,500 Federal Refund coming to me. So in essence it is giving me back my federal IRS estimated payment. I don't quite get that one. I ran my own business for years and I have run across similar types of things but I had an on staff tax accountant so it got dealt with and I'm not sure how. So why is Turbotax telling me I'm good for a 4,500 refund? It can only be from the activity on the 1099. Thanks Dave Raynor

[AnnetteB6]

Until everything pertaining to your tax return has been entered into TurboTax, you cannot depend on the refund amount that is being shown on your screen.  The refund or balance due is continually updated as you go through the return and enter more information.

The refund of $4500 may be correct, but without knowing the other details of your return and tax situation that cannot be determined with certainty.