Estimated tax calculator for current year

[ZPPM]

In January of 2024, Turbotax determined that I might owe a penalty for 2023 and asked me a lot of information (W2 income and self-employed income by quarter etc) to produce form 2210. It turned out that although I paid estimated taxes I didn't pay enough during the second quarter (form 2210 Part III line 17 showed an underpayment). Note that my income varies a lot quarter by quarter.

I want to avoid that for my 2024 tax return, so I would like TurboTax to help me calculate form 2210 for this current year, 2024, so that I can use Part III line 17 (column b) as a good indicator of how much I should pay by June 15th 2024 to avoid any penalty next year.

Can TurboTax help me do that?

[rjs · Accepted solution]

The IRS has not published Form 2210 for 2024, and probably will not publish it until December or early January. TurboTax cannot incorporate the 2024 form until the IRS publishes it. But if you use the 2023 Form 2210 to do your estimate for 2024 it will come pretty close. There are not likely to be any significant changes in the form except for the Social Security tax limits on line 29. The maximum Social Security earnings for 2024 is $168,600.