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Estimated tax estimate for next year seems high

In 2016, I paid the estimated taxes that turbotax suggested, and I am receiving a pretty big refund. The refund is equal to about half of the estimated taxes that I paid throughout the year. Turbotax is recommending a similar amount of estimated tax for 2017, but this seems like too much based on my 2016 refund. Should I reduce the estimated tax payments based on this?
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1 Reply
PaulaM
Expert Alumni

Estimated tax estimate for next year seems high

You can create new vouchers and adjust the amounts for your expected 2017 income items.

If you have already filed, then you will need to 'open' up your return again.

  • Sign in to your TurboTax Online account and select My TurboTax, View My Tax timeline
  • In the Some things you can do section, click 'Add a State' (you aren't really adding a state this is just a way to reopen your return)
  • Select My Account
  • Tools
  • Topic Search
  • Type 'estimated tax payments for next year' in the box, then select GO

Select 'no' for the W-4 form, then continue to create new vouchers. Then print from My Account, Print Center.

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