It is possible that I will owe federal and state taxes for 2021 because of capital gains and dividends that i did not expect. My plan is to do the returns and figure what, if anything is owed, for federal or state taxes. I want to pay the additional taxes before I file my federal and state returns.
In the past, I have filed Federal form 4868 and Virginia Form 760 IP and submitted payments with each. Can I file these forms in Turbotax and submit payments for each?
I don't want to file the returns before I have determined what additional taxes I might owe. I assume I can just reopen the return and go back to it?
Is there any type of worksheet I could use to compute how much federal and state taxes I owe based on income, dividends and capital gains for 2021? I have nearly all the numbers. It is a matter of plugging them in.
You can use the TurboTax "Start for Free" feature to start entering your tax information and see a total of how much you will owe in federal and state. Within the program, you can use the Easy Extension to file the extension and make the payment (It is not currently available, but will be before the beginning of April).
Dear MaryK1101,
Thank you for the response. Are you recommending I do my return online? I've not done this before. I usually get the CD or buy a download. Also, what is the Etsy extension? Could you please walk me through this process?
I need a a couple of documents to do my returns. My idea was to do my taxes as I normally do with TT and see what I owe for federal and state. Then, I would file for an extension and submit additional tax payments for federal and state at that time. I want to be sure I cover my tax payments by the due dates. After that, I would file.
You can use either the online or CD/Download version to file your taxes. If you are familiar with CD/Download I suggest you stay with that.
TurboTax Easy Tax Extension is a TurboTax online website that allows you to file extensions for free. However you can also file for a extension within the CD\Download program.
The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022 because of the Emancipation Day holiday in the District of Columbia.
Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.
ErnieS0,
I will get the CD version and work with that. I think it is best to go with what I know. I want to see what I owe and then file extensions. After I have paid the additional taxes, I will file my return.
Can you please tell me where I would indicate the additional payments for federal and state in TT?
Thank you,
sjt67
To enter payments made with the extension (desktop version), you would go to:
I take it these are the instructions below are for additional federal tax payments?
Where do I put extension payments for Virginia?
I meant to say where do I enter extension payments for Virginia in TT?
@sjt67 wrote:
I meant to say where do I enter extension payments for Virginia in TT?
To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Or enter estimates paid in the Search box located in the upper right of the online program screen. Click on Jump to estimates paid
Or click on Tax Tools on the left side of the online program screen.
Click on Tools
Click on Topic Search
Type in estimated tax payments, click on GO