Estimated taxes

[Tiffany91]

I have a SMLCC and paid estimated taxes in 2023 but will be getting a refund back. Is it required for me to pay estimated taxes for 2024?

[RobertB4444]

Your refund is not how you create your estimates.  Your estimates are based on the amount of taxes that you owed in the prior year.  Since you are getting a refund for 2023 I would expect that you do need to make estimates but they should be smaller than last year's.

@Tiffany91 

[Tiffany91]

Are you suggesting I make estimated payments just in case, but for a smaller amount than in 2023?

[RobertB4444]

Yes.  TurboTax should calculate the estimated payments for you.  Did you receive a refund of 100% of the estimates that you made?

@Tiffany91 

[Tiffany91]

Yes, I believe so. My husband has W2 income so he must have overpaid in taxes that covered the taxes owed for my business. Where can I see the estimated taxes calculated by Turbo Tax? Thats great it does that!

[DawnC]

Let TurboTax prepare your estimated tax vouchers for 2024.   You can do this for your federal taxes and your state taxes, if applicable.  You'll answer the questions about things like your 2024 filing status, income, and deductions.   TurboTax will prepare them for you, if you need them.  

Estimate next year's federal taxes

Estimate next year's state taxes

If you are using the desktop product, you can click on Forms at the top, then scroll down to Est Tax Options worksheet to see how it was calculated.   You can print or view your forms in TurboTax Online from the Print Center.