Federal Estimated taxes for 2021

[gloriah5200]

Please refer to the following link on how to generate estimated payment vouchers for next year:

How to generate 1040-ES for next year

How do I print estimated tax vouchers for my 2021 taxes?

You can print next year's estimated tax vouchers (Form 1040-ES) in your 2020 program:

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
2. Answer No to the question Do you want to change your W-4 withholdings for 2021?
3. Answer the questions about things like your 2021 filing status, income, and deductions.
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2021 1040-ES payment vouchers when you print a copy of your return later.
   • If you get the No Payments screen instead, you don't need to make 2021 estimated payments based on what you entered.

Related Information:

• Why did 1040-ES estimated tax vouchers print out? Do I need them?
• How does TurboTax calculate my estimated tax payments?
• When are federal estimated taxes for individual returns due?

[ciaoskip]

when you say "with your taxes open" what do you mean? I tried the search and got nothing. Now I have printed out my returns to file but there are no estimated tax vouchers? I need to know at least the amounts so i can pay online. How can I get this now using turbotax?

[LenaH]

The term With your return open means that you click on Pick up where you left off in the blue box once you sign into your account. After you click this box, your return will open and you will be able to use the search feature. I have attached a picture below for further guidance. 

Once you complete this, you can follow the instructions as provided above. 

@ciaoskip

[ciaoskip]

Maybe that feature is not available after I have completed out my federal return to .pdf file for mail in return? Luckily when I actually looked at all the printed pages there is one with 2021 estimated taxes amounts! 

[VolvoGirl]

Yes you can always go back in to prepare or print the estimates.  Just be careful not to change any of your filed return.  

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2020, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

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.

[wpgilbert]

While in the 2020 Turbotax program having completed my return for 2020,  how do I get the program to let me calculate my estimated taxes for 2021.  I tried to follow the directions from the "tax expert" which said enter 1040-es in the search but it did not give me anything I could interact with , only a lot of experiences of other folks.

[VolvoGirl]

Are you using the Online web version or the Desktop program installed on your computer?  Do not enter 1099 ES in the search.  That is to help you enter current 1040ES payments you made for 2020.

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2020, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

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.

[VolvoGirl]

Search by typing in W4.  Hit the Enter or Return key to get the Jump to w4 link to show up.  Go to the W4 page and it will ask if you want to Change your W4.  Click on NO.  The next page will start the Estimates.

[crynear]

Thank you, this has been very helpful as I transition into retirement.  Slightly off topic, but...do I even need to worry about generating and mailing these forms after I sign up on EFTPS.gov for scheduled payments of estimated taxes?  Thanks in advance! 

[VolvoGirl]

No.  Just pay them electronically. 

[roseA2]

I did not see an option to select or opt out of estimated taxes for 2021. In fact, I did not see anything that indicated they were being created for me until after I filed and it was sent to IRS.  Why did I not have an option to review that? Why could I not even see any forms until after it was paid and filed? 

Most importantly, Turbo tax estimated by 2021 tax payments at 125% of what i owe this year. YIKES!  How do I change that?  we don't anticipate nearly as much income.  Nor can I afford to give IRS that much $$.

any help greatly appreciated.

[Judge Leslie]

Federal estimated taxes are under Federal Tax: Other Tax Situations: Other Tax Forms. 

For State, State Tax: Other Situations: Other Forms.

By the way, I always tell people to e-file Fed first, wait for acceptance, the e-file State.  My state will not accept e-file if FED e-file fails.  No point paying for State filing, in that case, especially when TurboTax WILL NOT REFUND.  Keep this in mind for future years.

[AmyC]

@roseA2 

Estimates are just estimates and have nothing to do with reality. That is a convenient starting point for you, nothing you have to do. You are expected to adjust payments as your income varies. See About Form 1040-ES, Estimated Tax for Individuals

Once you pay for the return, the program has a place in the FILE section for you to save, view, print, your return before filing. You always want to do this. We only save returns for 10 years which is not long enough for anybody with a business, rentals, or investments.

@Judge Leslie there are a few states that must be filed with the federal or they cannot be e-filed. If you ever move, double check before you decide to wait on the state.

[roseA2]

his answer is totally unhelpful. I have done my taxes  on Turbo tax for more years then I can remember.

this year is the absolute worst!

when using online, it auto estimated tax payments for 2021 without any input from me.  We will make much less and want to amend our return to update these #s. When I tried to amend, the amount owed on 4/15/2021 increased by 85%.

how can i get to that form on line and amend to the value I calculate not some random # calculated by turbo that is 125% of 2020 taxes.

frustrated.

[VolvoGirl]

You don't need to amend or change the estimates.  They didn't get sent with your return to the IRS and the IRS won't be expecting them.  They are just suggestions.  They don't affect your return.  You can shred them and ignore them. 

THEY ARE OPTIONAL TO PAY.

If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. They might have printed out if you got a one time large income this year like if you took a IRA or 401k distribution.