Estimated Tax Payments setup

Forum|Forum|5 years ago
February 21, 2021
11 replies
100 views

Last year I had a tax preparer do my taxes. The tax preparer setup automatic quarterly debit from my account to the IRS. This year I back to doing my taxes (with TurboTax) and will need to continue to do estimated taxes.

I have a few questions.

1. Will the estimated taxes the tax preparer setup last year continue to automatically withdrawal from my account or do I need to be setup new automatic payments for 2021 tax year? I do not want to double pay.

2. Since the tax preparer setup the quarterly payment with the IRS on my behalf last year does that mean I already have an IRS account?

Best answer by JohnB5677

Yes you will have to setup a new payment arrangement. TurboTax will assist with this.

If you are trying to calculate Estimated taxes for next year:

Start at Other Tax Situations
Scroll down to Other Tax Forms
Choose Form W-4 and Estimated Taxes
Continue through the interview
At the end of the interview you will be able to setup automatic payments.

Yes, you do have an account with the IRS. It is based on your Social Security Number. Your estimated payments will be allocated there.

JohnB5677Answer

Alumni - Intuit

Yes you will have to setup a new payment arrangement. TurboTax will assist with this.

If you are trying to calculate Estimated taxes for next year:

Start at Other Tax Situations
Scroll down to Other Tax Forms
Choose Form W-4 and Estimated Taxes
Continue through the interview
At the end of the interview you will be able to setup automatic payments.

Yes, you do have an account with the IRS. It is based on your Social Security Number. Your estimated payments will be allocated there.

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ianceicys

Level 2

My wife and I have previously used an accountant that setup 4 estimated tax payments each being $2,500. We want to do the same for 2021, as it ensures that we always are ensured that the full amount of our taxes are paid, and every year we get to have a nice sizeable return instead of owing money.

I've gone through the interview questions and TurboTax is calculating our estimated tax payments for 2021 to be $300.00 which while nice, isn't what I want. I want to have the vouchers be setup for $2,500.

Is there a way to override the interview and setup the vouches to be a specific amount, say $2,500?

Anonymous

I have the same situation, TurboTax is coming in lower with the estimated taxes. Do I need to have vouchers created in TurboTax or can I just go on the IRS site and setup a payment amount I would like the IRS to withdrawal?