Can I use TurboTax Self-Employed (paying one time the 120$ fee) to pay estimated taxes for the whole current year?

[vobiso]

My income for 2021 is reported to IRS as an award, so I should get a 1099-MISC next year.

[Mike9241]

Turbotax S-E for 2020 can give you an approximation of what you would owe for 2021.  like what happened for 2020 there can be tax law changes later on that would change the amount of estimated taxes you need to pay. it's up to you to make the payment.  you can make the payment without filing 1040-ES by using the IRS payment site. see link below and make sure you select estimated taxes for 2021  

by the way you can avoid penalties if any of the following apply (I assume $0 in withholding)

1) 2020 tax liability was 0 = no estimates required

2) estimates = 90% of 2021 tax

3) estimates = 100% of 2020 tax (110% if 2020 adjusted gross income over $150,000)

https://www.irs.gov/payments 

[vobiso]

Hello, thank you for your reply!

Well, this year (2021) is my first one of residency for tax purposes and I am receiving fellowship stipends as an award. I would need to calculate estimated taxes for 2021, based only on my 2021 income. Can I do this with Turbotax Self-Employed? If so, do I need to pay the 120$ Turbotax fee just one time for the 4 quarterly payments through 2021?

Thanks again for you help.

[DMarkM1]

You can work vouchers for Estimated Taxes for 2021 in any version of TurboTax.  You will only pay the fee one time for the version/product you eventually use to file your returns.  You don't have to upgrade to Self-employed just for the estimated taxes option.

If taxes are not being withheld from your stipends then quarterly estimated tax payments is a good option for you. 

In whatever TurboTax version you have just click on the "Other Tax Situations" tab

1. Scroll down to "Other Tax Forms"
2. "Show More"
3. "Start/Revisit" the "W4 and Estimated Tax" topic

Go through the interview and the quarterly vouchers will be created for you.  Once you have filed your return you can print the vouchers which you will mail in along with your payments each quarter by the due dates on the applicable vouchers.  

[vobiso]

Thank you for your very useful reply!

So, if I well understand, since I will file my tax return for 2021 next year, this year I can use any version of Turbotax (for example Free Edition) just to create 1040-ES Payments Vouchers (which are the same in all Turbotax versions) and then in 2022 I will have to buy Turbotax Self-Employed for my tax return. Is that correct or am I missing something?

NOTE: I can't use Turbotax for my tax return for 2020 since last year I was not Resident Alien for tax purposes.

So, I would need to use Turbotax just for estimated taxes in 2021. This was my initial concern. Thank you!