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.
