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Returning Member
posted Apr 4, 2022 4:25:15 PM

Calculating estimated tax payments when I have withholding on my distributions

Does Turbotax take into consideration that I had taxes withheld on my IRA distributions when calculating estimated tax payments for next year? I am trying to figure out what my estimates should be. All of my income is from Dividends and interest, capital gains, and IRA distributions. I only have taxes withheld on the IRA distributions.

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1 Replies
Expert Alumni
Apr 4, 2022 4:39:13 PM

TurboTax knows to give you credit for any taxes withheld on Form 1099-R on your tax return.   However, when you are preparing estimated tax payment vouchers for next year, you will need to tell TurboTax how much you will have withheld from your 1099-R.   You can do that by following these instructions.