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jlockwood59
New Member

How do I use Turbo Tax as an independent contractor to pay my quarterly contribution?

 
1 Reply
MargaretL
Employee Tax Expert

How do I use Turbo Tax as an independent contractor to pay my quarterly contribution?

TurboTax will help you calculate the amount and prepare the vouchers, but the program does not assist in paying. You must do it on your own... you should send the check with the 1040ES voucher or you can use the IRS link to pay online:

https://www.irs.gov/payments

To calculate estimated amounts: Once your 2016 tax return is prepared, please visit:

  1. Federal Taxes Tab (please see attached picture)
  2. Other Tax Situations tab
  3. Other Tax Forms, select Form W-4 and Estimated Taxes

At this point, Turbo Tax will ask a series of questions. The first question is in regards to form W4 withholdings. If form W-4 is not applicable, select ‘No’ and continue.

Turbo Tax originally calculates estimated taxes based on your 2016 information.  Since your 2017 information may be different, please make sure that you make adjustments to your income and deductions so that Turbo Tax can recalculate your estimated payments for 2017.  Otherwise, the estimates will not be accurate and you will under or overpay. To do so, please answer “Yes” to “Do you want to adjust your income and deductions?” and continue through the questions. Once you are done, you will be able to print the estimated vouchers.

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