estimate tax payment

[samguana]

what in the world it this, i am doing my tax return now for 2021. i owe FED over 1000 bucks, then my friend tell me that i need to pay estimate tax then, i tell him once i filed i will pay all i owe to FED and State right away. what is that estimate tax? do want me to pay tax in advance for year 2022? are they broke or what. 

[VolvoGirl]

Yes it is probably giving you estimated payments for next year.

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

[samguana]

i think it is mandatory to pay, you have to pay the estimate tax. or u get penalty, 2022 estimate tax is due 3/1, so i am going to due soon?

[VolvoGirl]

 No the first quarterly estimated payment is not due until April 18.  Then June 15, Sept 15 and Jan 17, 2023  Your state will also have their own estimate forms.

Here are the blank Estimates and instructions (the actual 1040ES forms are at the very bottom so scroll way down)

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

[VolvoGirl]

Or you can increase the withholding at work to cover the extra tax.  Do you have 1099 self employment income?

[fanfare]

@samguana 

"do [they] want me to pay tax in advance for year 2022? "

If you don't pay enough in advance there will be penalties.

Pay either through withholding, or quarterly ES payments, or both.

[samguana · Accepted solution]

yes i do. i just check , for estimate tax due for 2022 is 4/18, i have to pay before that. adjust my withholding or just pay estimate tax, which is easier, i need to talk to my HR then, and not sure how much to withold, rather just pay estimate tax.

[samguana]

do i fill that 1040 ES out now? what the heck is that, or it is auto fill out by turbo tax. and how do i pay that ES tax, and irs online account will do?

[samguana]

i do have 1099 income, due to that i owe fed more than $1000.... by my w2 alone, it wont over $1000.

[fanfare]

If you have 1099-NEC income, nothing is withheld and Schedule SE add 15% on top of that, so that's  a big estimated tax payment you have to make yourself unless you want a very tiny takehome from your W-2 job.

your estimated tax payment is $1,000 / four , or $250, assuming you filed correctly..

[VolvoGirl]

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@samguana wrote:

do i fill that 1040 ES out now? what the heck is that, or it is auto fill out by turbo tax. and how do i pay that ES tax, and irs online account will do?

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Here are the 1040ES instructions and blank forms (where to mail is on page 4)
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Or you can pay directly on the IRS website. Be sure to pick 2022 1040ES payment
https://www.irs.gov/payments

[ron127]

I want to pay estimated taxes for 2022, but dinot receive any vouchers with my federal

[VolvoGirl]

To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2021, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

Search by typing in W4. Hit the Enter or Return key to get the Jump to w4 link to show up. Go to the W4 page and it will ask if you want to Change your W4. Click on NO. The next page will start the Estimates.