You can adjust all of those entries when computing next year's estimated tax payments. Make sure you have entered the amounts withheld from both your pension and your social security income. When you prepare your 2020 return, we'll automatically calculate your 2021 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year. You can also calculate your 2021 estimated taxes and generate the payment vouchers by doing this:
- With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
- Answer No to the question Do you want to change your W-4 withholdings for 2021?
- Answer the questions about things like your 2021 filing status, income, and deductions.
- Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2021 1040-ES payment vouchers when you print a copy of your return later.
TurboTax uses the most recent info when calculating your 2021 estimated taxes. The above is from Can TurboTax calculate next year's federal estimated taxes?
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