If you have already submitted your tax return, you will have to wait until Feb 12 when the IRS opens the gate. You cannot return to the program to make any changes before that.
If your return got rejected for whatever reasons, you can return to the program to make your correction along with other changes. You do not need an amendment 1040-X.
If your return has been accepted, you will have to amend your return by filing a form 1040X. You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software's instructions to e-file the amendment.
To see how to amend your taxes, click here:
If you are referring to the estimated taxes you have paid in 2020, here are the steps:
If you are referring to adjust your Form W-4 to estimate your future taxes, here are the steps:
For more information, click here:
https://www.irs.gov/individuals/tax-withholding-estimator
https://turbotax.intuit.com/tax-tools/calculators/w4
If at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment. To learn more, click here: Estimated Taxes
Thank you for the in depth answer! I should have said that I am self-employed. I had a loss this year (TY 2020) because of start up expenses but anticipate a substantial profit next year. I don't want to get caught short at tax time next year.
Does that change the answer?
You will be liable for self-employment tax as well as Federal income tax. Make sure that you allow for both.
Self-employment tax is the Social Security and Medicare tax paid by self-employed individuals. It is similar to FICA which is the Social Security and Medicare taxes withheld from an employee's paycheck.
The Self-employment tax rate is 15.3% which is 12.4% for Social Security and 2.9% for Medicare.
See also this TurboTax Help.
James,
Thanks for the reply. I totally get all of that. I have paid self-employment taxes in the past but its never been the bulk of my income so I've never had to pay estimated taxes. My question is about determining the amount of and paying the estimated taxes. I know I can do it myself directly with the IRS - just trying to figure out if TurboTax can help me.
Thanks!
And please let me add that I know there is an estimator (https://turbotax.intuit.com/tax-tools/calculators/self-employed/) that might do what I need but I can't access it. When I click on the link, it takes me to the entry page as if I'm a new customer. When I sign in, it takes me to my "You Filed!" page...
The IRS has an estimator at this webpage:
The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
The IRS has an estimator at this webpage:
The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
The IRS has an estimator at this webpage:
The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
The IRS has an estimator at this webpage:
The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
The IRS has an estimator at this webpage.
he Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
The IRS has an estimator at this webpage.
he Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.