2020 estimate`

[carl750]

I want to estimate 2020 taxes.  I attempted to use the FORM "ES & W4 Wks", but that worksheet pre-fills and will not let you change Taxable Income in the 2020 Expected column ......... which makes the form worthless. Is there a fix?

[DoninGA]

Don't use the worksheets in Forms mode.  Let the software assist you with the 2020 estimated taxes.

See this TurboTax support FAQ for 2020 estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

[carl750]

Your link says: "With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link."

But it just brings up a list of articles, there is no "Jump to link" that I can see

[carl750]

I repeated the search several times and magically the last time the "jump" appears, thanks

[VolvoGirl]

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

[carl750]

How is "other income and losses" calculated.  I look at the number it supplies for 2019 and then at the 1040-SR I filed for 2019 and don't see how TurboTax came up with the 2019 number.

[VolvoGirl]

What line on the 1040?  You probably have to look at Schedule 1 or Schedule D to see the other income.   Or schedule C for self employment business income or loss.

[carl750]

The number they show is slightly less than line 7b (total income)

[VolvoGirl]

Sorry that makes no sense to me.  What are you talking about?  What line don't you understand?  Line  7a for Other income from Schedule 1 line 9?

Are you looking at a Review or Summary screen?  Don't go by those.  Those lump a lot of things together.  Look at your actual 1040 or 1040SR.  

[carl750]

I am on the "Enter 2020 Other Income" "Enter the net of all other income and losses you expect in 2020."  The 2019 number is 97.5% of the number in line 7b of my 2019 1040-SR that was filed.

Looking at "FORMS" for my 2019 filing, Turbo did not generate a Schedule 1

[VolvoGirl]

Oh I am sorry.  I forgot you are asking about filling out estimated payments.   I can't help you with that.  Again Sorry.  It's just an estimate.  Put anything you want.  Don't worry too much about it.  

[carl750]

Figured it out

"Other Income and Losses" = 1040-SR line 7b minus line 6 minus  line 1

Not sure why they do it that way.

[VolvoGirl]

Well that makes sense.  You enter any wages and investments separately.  This is for all the rest.

[carl750]

Thanks for all the help

signing off