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Level 2

Solved

Estimating Next Years Taxes (2021)

17 replies
109 views

No text available

JohnB5677Answer

Alumni - Intuit

Hello,

While this reply was not an answer to the question I posed, I am grateful to receive it.

My posting was to do with the question of 'where' to enter the RMD for 2021 when projecting the figures TT would need to compute the estimated 2021 tax obligation.

This is where you would post your 2021 RMD to calculate your estimated taxes.

Start at Other Tax Situations
Scroll down and select Other Tax Forms
Select Form W-4 and Estimated Taxes
Continue through the interview to Enter 2021 Other Income

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tax_payerAuthor

Level 2

ACCIDENTALLY SENT A BLANK QUESTION

What I was going to ask was to do with where to enter the amount of my 2021 RMD in TurboTax (Windows Deluxe ed.) when preparing the 1040-ES estimates for 2021?

AnnetteB6

Employee Tax Expert

Since there is not a specific place to enter retirement income when working through the estimated payments section of your return, enter the amount of your RMD as W-2 income for calculation purposes. That way, if you also expect to have Federal taxes withheld from your distribution you can also enter that amount in the W-2 field as well.

Since this is just a way to calculate your estimated payments, where the data is entered is not critical. It is more important that the income amount be close to what you expect.

@tax_payer

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tax_payerAuthor

Level 2

Hi,

That's kind of an intuitive answer but I think it begs the question where would that RMD amount get entered: meaning which data entry field exactly. Could you drill down to the minutia: exact form and specify which line (they inconveniently aren't numbered).

Different question so I hope you don't mind but they deduct a fixed amount from my SS benefits towards payment of my annual income tax - wouldn't that be somehow reducing the amount of projected tax for 2021 that remains to be paid quarterly? If so, how would you adjust for that>

Thanks a lot for this reply. It's a start.

Poor Program

Level 2

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

DoninGA

Level 15

@Poor Program wrote:

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

The TurboTax support FAQ gives you directions - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

DoninGA

Level 15

@DoninGA wrote:

@Poor Program wrote:

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

The TurboTax support FAQ gives you directions - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

To estimate your individual tax liability the only way to do that is to use the TurboTax desktop software in Forms mode and complete a What-if worksheet.

dmb5252

Level 2

I can not find other tax situations form so I can figure out next year's estimated taxes. RMD, not a head of household anymore

VolvoGirl

Level 15

@dmb5252 Are you using the Online version or the Desktop program? If you have the Desktop program, which version? All versions have the Other Tax Situations tab.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.