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).
Turbo Tax will calculate the 1040ES estimated payments
How to make the Estimated payments
Here are the blank Estimates and instructions…..
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
Use the worksheets for the estimated tax payment Form 1040-ES - https://www.irs.gov/pub/irs-pdf/f1040es.pdf
Also, go to this IRS website for estimated taxes information - https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
Payment can be made by mailing the Form 1040-ES and a check to the IRS.
Or you can use the IRS payment website for Direct Pay - https://www.irs.gov/payments
You can make estimated tax payments to the IRS at www.irs.gov/payments. Also, I can't stress this enough. After you make each quarterly tax payment *PRINT* *YOUR* *RECEIPT* and file it with your 2021 tax information so you'll have it next year when you go to prepare and file your 2021 tax return.
If your state also taxes personal income, you'll need to make estimated payments to your state taxing authority too. How you would make those payments depends on your state, as not all states offer the ability to pay estimates on line. You'll need to check your state's dept. of taxation website for that.