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dave911
New Member

How do I determine withholdings for each quarter? Can I simply divide total withholdings by 4? This is in the TurboTax section on underpayment penalty.

 
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1 Reply
JohnB5677
Expert Alumni

How do I determine withholdings for each quarter? Can I simply divide total withholdings by 4? This is in the TurboTax section on underpayment penalty.

How do I determine withholdings for each quarter?

  • You don't have to do any guessing or calculations.  
  • When TurboTax does your tax return it determines if you are at risk of falling short on your taxes.
  • It automatedly calculates the amount of estimated taxes required, and prints out the required payment vouchers.

Can I simply divide total withholdings by 4?

  • No, The withholdings have already been paid in.
  • You want to make up the difference with estimated payments.
  • The goal is not to owe any tax at the end of the year.

This is in the TurboTax section on underpayment penalty.

  • This section will help to determine what estimated taxes must be accounted for.

Please see: Estimated Taxes: How to Determine What to Pay and When

If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.

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