Does Turbo Tax Have Products That Does Quarterly T...
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JT407
Level 2

Does Turbo Tax Have Products That Does Quarterly Taxes (Uber, Lyft, Etc)?

I've searched and did not find anything. With Quarterly Tax deadline coming up I want to do this efficiently as possible. I filed last years taxes with TurboTax but I had a job that provided a W-2 with Uber being my income from the tail end of the year. But this year my income is solely from Uber. Is there a product that can help, especially for a first timer? I have an account but the only thing I can access is my federal return from last year but through the website there is no product that I can find that will help with this years quarterly taxes (unless I had overlooked it). Thanks

3 Replies
Texas Roger
Level 15

Does Turbo Tax Have Products That Does Quarterly Taxes (Uber, Lyft, Etc)?

If by last year you mean your 2019 tax return, you can use it to help you estimate 2020 estimated taxes. Open your return and type estimated taxes for next year in the search box. Click on jump to estimated taxes. Say No to changing your W-4 and continue on from there entering what you think your 2020 income and expenses will be. 

 

You can also use the TurboTax calculator called Taxcaster: https://turbotax.intuit.com/tax-tools/

Opus 17
Level 15

Does Turbo Tax Have Products That Does Quarterly Taxes (Uber, Lyft, Etc)?

By itself, TurboTax is only designed to prepare end-of-the-year tax returns. If you use an accounting program such as QuickBooks for your rideshare self-employment, that will help you prepare quarterly estimates.

 

Intuit offers an online cloud-based version of QuickBooks called QuickBooks self-employment (QBSE) which is a monthly subscription. There is one price for QBSE alone for a few dollars more per month you get a version that also includes TurboTax self-employment version to prepare your tax return at the end of the year. The online QBSE is accessible from any web connected computer, but it’s limited in that it can only handle one business. If you had more complicated business needs, you would need to buy QuickBooks to install on your own computer, which is more expensive up front but has more capabilities.  

I just had a look and there are a lot of different QuickBooks subscription packages, so make sure you buy what you really want.  

https://quickbooks.intuit.com/self-employed/

 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
JT407
Level 2

Does Turbo Tax Have Products That Does Quarterly Taxes (Uber, Lyft, Etc)?

Thanks. In the earlier part of 2019 I had a career job and the rest of the year I was doing Uber. Income from my job from where I was getting a W-2 was much much higher than what I'm getting with Uber.  So an estimate from my 2019 return, with the income from my regular job included, would not be an accurate reflection of what I would be making in 2020 since I'm only getting Uber income alone for the time being. That's why I was asking if there was any products that would only look at my income for 2020 going forward with 2019 earnings aside. Just wanted to know if there were products that existed that only focused on earnings specifically on a quarterly basis. Thanks again. 

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