If I didn't pay the estimated tax, does TurboTax include what I didn't pay in our calculated tax payment/refund? If not, how do I know how much I owe the fed and state. Last year was my first year with estimated taxes.
The estimated taxes you didn’t pay were just estimates towards the tax due on your income. The IRS wasn’t expecting them. They are like withholding you have taken out of your paychecks if you are an employee. They are not the actual tax. So you will still owe the tax on your return.
Are you filing self employment? Estimated taxes are usually for self employment income. You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
The amount you owe is on Form 1040 Line 37.
See Line 26 for the Estimated Tax you want credit for.