Estimated taxes for 2023

[wbravo310]

I finished my taxes through Turbo Tax and at the end it gave me my estimated taxes for next year as apprx $6600. I actually paid in $2971 this year and I don't expect any major changes this year. Why is this estimate so high? I can't believe my taxes would jump from almost $3000 to over $6000.

[DawnC]

Did you go through the W-4 and Estimated Taxes section and enter all of the same info from this year's return?    Make sure you fill in all of the information - there are multiple screens you have to enter data into.   If you enter every field with the same data from 2022, your 2023 tax bill should be similar.   It will calculate your total liability and subtract anything you enter for withholding.    You will eventually come to a screen that will compare taxable income and tax for 2022 and 2023.   In the example below, with every estimate entered exactly the same, you can see there is very little change in taxable income or total tax bill.    

[wbravo310]

Okay, I already filed my 2022 tax return so am I now able to go back and do another estimate of taxes? I keep trying to search for the 1040-ES but I can't find it to try and recalculate my taxes. I am not able to find or access it.

[KrisD15]

To reopen the return,

On the Your 2022 federal return was accepted! page, scroll down to Your tax returns & documents, select Show, and then select 2022

Next select "Add a state" to reopen the return. 

Select "Other Tax Situations" 

Scroll down to Form W-4 and estimated taxes

Click Start or Update