How can we use the 2017 software to help estimate the tax due to Federal and State before Jan. 15, 2018?

[jasavala]

I bought the 2017 Deluxe version to help me not only with estimating this but also deciding on some optional end of year transactions that I can do to reduce overall taxes.   However, I find that there is no such feature that lets you enter YTD actuals and either automatically do pro rata estimates for balance of the year or let you enter it.  Software assumes that the year is finished and we have actual W-2 and 1099 forms data. I did try doing manual entry of my own estimates, but there are some fields that the software wants entered (such as EIN) which should be skippable.  It can make these fields mandatory for tax filing when it does the Final review.  If you don't have this feature why do you sell the software before Dec. 31?  

[DoninGA · Accepted solution]

The TurboTax 2017 program only has the software to calculate the estimated taxes for tax year 2018 not for 2017.  Plus the IRS has yet to release the worksheets for estimated taxes payments for 2018 using Form 1040-ES.

The TurboTax 2016 program has the software to calculate the 2017 estimated tax payments Q1 thru Q4.

Use the TurboTax calculator TaxCaster to get an estimate of the 2017 taxes owed - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Or use the IRS worksheets in the 2017 Form 1040-ES - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Payment of taxes can be done using the IRS payment website for Direct Pay - https://www.irs.gov/payments

[jasavala]

@DominGA:
2016 tax software has very rudimentary estimates.  And whatever it estimates, it will divide the total 2017 tax estimate by 4 and print out equal payment forms to send.  There is no way to estimate varying tax payments by quarter.  For example, if you have most of your income generated in last 4 months of the year, the Jan. 15, estimated tax should be much higher than the previous 3 quarters.

[VolvoGirl]

All you can do is fill out your 2017 return with as much info that you know or can estimate getting and enter the estimates you already paid and see what is left for the tax due.

[jasavala]

@VolvGirl:
Thanks, I did just that but with great pain.  Software is not designed to do it, since it did not let me  skip mandatory irrelevant fields (such as Employer Identification # etc.).  I also did Roth conversions in last quarter of the year (which is what raised my tax due).  Software wanted me to choose a code for the conversion from the 1099 form, which I won't receive until Jan. 2018. This being the first year I did a Roth conversion, I had to use trial and error method to arrive at the right code so that it computes the tax due.