2023 Estimated Taxes using TurboTax Premier 2022

[grdonmeier]

I am trying to determine my estimated 2023 taxes using TurboTax premier 2022.  I now have self-employment income, so this is now more complicated, using schedule C and such.

There are instructions below on how to do this by going to 1040-ES that were on another thread.  However, as I had refunds in 2022, it appears the 1040-ES form was not created. 

So the first question is whether I can do estimated taxes using TurboTax Premier 2022?  If yes, how do I access the 1040-ES if it was not auto created?

When you prepare your 2022 return, we'll automatically calculate your 2023 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 2023 estimated taxes and generate the payment vouchers by doing this:

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
2. Answer No to the question Do you want to change your W-4 withholdings for 2023?
3. Answer the questions about things like your 2023 filing status, income, and deductions
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later

[VolvoGirl · Accepted solution]

Are you using the Online version or the Desktop installed program?  Just do steps 1- 4

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2022, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

Search by typing in W4. Hit the Enter or Return key to get the Jump to w4 link to show up. Go to the W4 page and it will ask if you want to Change your W4. Click on NO. The next page will start the Estimates.

For Desktop go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.

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).

The four 1040ES quarterly estimates are due
April 18, 2023
June 15, 2023
Sept 15, 2023
Jan 16, 2024
Your state will also have their own estimate forms.

How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

[VolvoGirl]

Are you new to Self Employment?  Some general info on self employment on Schedule C.......

You will need to keep good records. You may get a 1099NEC or 1099K at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small. You might want to use Quicken or QuickBooks to keep track of your income and expenses.

There is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....
https://quickbooks.intuit.com/self-employed

When you are self employed you are in business for yourself and the person or company that pays you is your customer or client.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Premium or Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

What is form 1099NEC?
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1099-nec/L5fbwIFSn

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

[Bsch4477]

One approach is to save a copy of your 2022 return with a different file name such as “SE tax calc” and add a Sch C with your expected income and deductions. TurboTax will then complete the calculations you are looking for. An alternative is to be sure you pay enough estimated tax at least equal to your 2022 tax liability to avoid a penalty. You can also use a rule of thumb and pay estimated tax of 15.3% of your expected net self employment income plus your marginal tax rate. 

[grdonmeier]

Thank you for the quick response.  This answered my question as I was able to generate the estimated tax payment and then see the forms in the forms section.  I did the similar step for the state taxes.

[grdonmeier]

Thank you for the info.  I did calculated the estimated taxes, including the applicable self-employment income, expenses and deductions sections.

[grdonmeier]

Thank you.  I had thought of that possibility as a last resort.  The response above allowed me to enter in the information in the 2023 estimated tax situation, so I was able to use the estimated tax section versus creating a view into 2023 by adjusting 2022.

[VolvoGirl]

Oh are you in  the Desktop program?  What I do is use the What-If worksheet to help figure out next year's return.  When I get it figured out I use the 1040ES forms the IRS sends me and hand write the amount on it.  They already have my name and ssn on them.   Then they fit in the window envelopes.    

Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.