How do I caclulate and pay my quarterly taxes?

[eringeraghty]

Just started a freelance buisness and I also work fulltime

[RayW7]

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.

For state estimated taxes, see Can TurboTax calculate the estimated payments for next year's state taxes?

If you receive significant non-wage income, such as from self-employment or investments, you will likely need to pay quarterly estimated taxes or run the risk of underpayment penalties in addition to a large year-end tax bill.

If you’re at risk for an underpayment penalty next year, we'll automatically calculate your estimated tax payments and prepare 1040-ES vouchers that include the payment due date.

[Hal_Al]

You should pay in quarterly estimated taxes if you don't have enough withholding taken out to cover the tax on all your income. You might be able to increase your W2 withholding, at your part job, to account for the extra income.
You should make estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. 
- 2. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”

2020 TurboTax (TT) can prepare the 2021 quarterly payment vouchers, as described by RayW7, above.

You can use your estimate of your 2021 income, at this point in time.  It your self employment income goes up or down, you are allowed to change the later quarter payment to match your actual income. 

[Nothappywiththisproduct]

Turbo Tax does not seem to have any way to calculate California estimated taxes that I can find. The instructions say the program will offer to do that, but it does not. It was astoundingly obscure to find out how to get TT to calculate Federal estimated taxes. So how do you get Turbo Tax to actually do what it says it does automatically but does not do and does not seem to have any way to get it do? I get divide by 4 and fill out the state estimates but that's beside the point.

[ZoltanB45]

An estimated tax based on the prior year tax return is the Total Tax (line 24 on the 1040) amount on the previous tax return divided by 4 payments.  This will help you avoid underpayment penalties the following year. However,  for Married Filing Joint couples with an AGI greater than $150,000 or Single with an AGI greater than $75,000 you must pay the lower of

1. 90% of the tax shown on the current year’s return or
2. 110% of the tax shown on the return for the previous year.