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New Member
posted Mar 26, 2021 10:57:13 AM

How do I calculate my estimated taxes for 2021?

I expect my income to be substantially different in 2021 than 2020.

0 3 461
3 Replies
Expert Alumni
Mar 26, 2021 11:09:24 AM

To calculate your estimated taxes for 2021, please follow these steps:

  1. Click Federal > Other Tax Situations
  2. In the Other Tax Forms section, click on Start/Revisit next to Form W-4 and Estimated Taxes. 
  3. On the Adjust How Much Tax You Pay screen, click the No box.  [This applies to withholding from your paycheck.]
  4. On the screen, Estimated Taxes for 2021, click the Prepare Now box.
  5. On the Review Your Estimates for 2021 screen, TurboTax will display estimates it calculated based on your 2018 information and ask Do you want to adjust your income or deductions?  Click the Yes box.
  6. Continue through the interview, entering information for 2021Yes.  Report the income paid to you in Business Income section.  The quarterly tax payments you made are estimates and will be applied against your final tax bill calculated on your tax return.  Any overpayment will be refunded to you.

New Member
May 9, 2021 3:12:21 AM

Item 1 says "click Federal" - where in the world do I find "click Federal"

Expert Alumni
May 13, 2021 8:21:10 AM

If you are using TurboTax online, here are the steps:

  • Sign in to your account and select Pick up where you left off
  • From the upper right menu, select Search and type in w4 and Enter
  • Select the Jump to w4
  • Follow prompts