Are you able to manually adjust the quarterly Estimated Tax amounts on the Est Payments Options worksheet?

[jboy21]

Turbo tax populated the minimum payments I need to make each quarter for Federal estimated taxes. But I want to increase my quarterly payments by about $1,000 each, in addition to the base amount, to avoid penalties in case my income projections for 2024 are higher. Is there a way to override the amounts in the Estimated Tax Payments?

[JohnB5677]

Yes, The easiest way is to project a higher income for 2024, and don't increase your current withholding.

• If you know the tax bracket that you're in.
• take $4,000 (amount you want to increase your estimate), and
• Divide by your tax bracket as a decimal.
• 22% is 0.22
• $4,000 / 0.22 = an income increase of $18,181.
• This will increase the estimated tax by $4,000 or $1,000 per quarter.

Please contact us again with any additional questions or to provide some additional details.