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JGK
Level 1

How can I enter an intentional overpayment of taxes due to apply the overpayment to the following year

Rather than do a separate 1st QTR estimated tax payment, in addition to payment of taxes due, I prefer to overpay the taxes due at the time I file my return. This way if there is a recalculation, penalty, etc. the over payment can cover the unanticipated cost, and when the remainder is Applied to the following year, it will reduce the 1st Quarter estimated taxes due.

What is the best way to achieve this in TT?

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1 Reply
ThomasM125
Expert Alumni

How can I enter an intentional overpayment of taxes due to apply the overpayment to the following year

You need to go to the Other Tax Situations section in TurboTax, then find the sub-section that says Additional Tax Payments and choose the Apply refund to next year option.

 

 

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