I am self employed (1099-Misc) and have been making estimated tax payments to the IRS and State of California. Where do I enter those payments in my TurboTax 2017 software so that I am not charged twice. Also, I paid the State of California FTB (Franchise Tax Board) the annual $800 tax and wish to write that off on my taxes. How do I do that?
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You can include the estimated payments for your 2017 taxes for both IRS and California as follows:
1. Go to Federal.
2. Select Deductions and Credits.
3. Choose Estimates and Other Taxes Paid.
4. Select Estimated Taxes Paid.
5. You will enter the Federal Estimated Taxes Paid and then come back to this page to enter the State Estimated Taxes paid to California.
6. If the FTB Taxes paid were for your business, there is an expense deduction for taxes paid under your Self-Employment Income and Expenses.
7. Otherwise, you can go back to Step 3 above, select Other Income Taxes and choose Other Income Taxes Paid in 2017. Withholding not already entered on W-2 or 1099 in 2017.
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