You can calculate the required amount for estimated quarterly payments using TurboTax this year, as well.
While the estimated payments are based on your 2016 tax return, you may adjust your income and deductions to properly reflect 2017 tax situation.
Once your 2016 tax return is prepared, please visit:
- Federal Taxes Tab
- Other Tax Situations tab
- Other Tax Forms, select Form W-4 and Estimated Taxes
At this point, Turbo Tax will ask a series of questions. The first question is in regards to form W4 withholdings. If form W-4 is not applicable, select ‘No’ and continue.
Turbo Tax originally calculates estimated taxes based on your 2016 information. Since your 2017 information may be different, please make sure that you make adjustments to your income and deductions so that Turbo Tax can recalculate your estimated payments for 2017. Otherwise, the estimates will not be accurate and you will under or overpay. To do so, please answer “Yes” to “Do you want to adjust your income and deductions?” and continue through the questions. Once you are done, you will be able to print the estimated vouchers with the calculated amounts.