2384707
I have seen posts from earlier this year that say:
“Your Estimated Tax may be calculated from Form 1040, Line 16 minus Line 17.”
and
“Take your Line 24 Total Tax and subtract any Line 30 Amount (Recovery Rebate Credit) and any other credits totalled on Line 32 to see if this amount is what your Estimated Payments are calculated on.”
In my case, lines 16, 18 & 22 are all the same, no entries on lines 17, 19, 20, or 21 to add or subtract. I do have an entry on line 23 that adds to a slightly higher total tax on line 24. No entries on lines 25 or 27 thru 32.
At the 2nd line from the bottom of the Estimated Taxes and Form W-4 Worksheet it states 110% of your 2020 actual tax. The estimate of total payments you will need to make for 2021 at the bottom of the form, the figure is slightly higher than 110% of line 16 by $37, but at 110% of line 24, it’s low by $185.
What am I missing in understanding how turbotax calculated the figure at the bottom and should I add $185 to the turbotax calculated amount for the fourth 1040-ES payment in January?
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Since you must be using the 2020 downloaded version simply switch to the FORMS mode an look at the worksheets ... https://ttlc.intuit.com/community/tax-payments/help/what-are-estimated-taxes/00/25941
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
Once you have filed successfully … you can shut off the auto updater function and then save the return & .taxfile.
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
*** Other clues to the downloaded program ***
In the forms mode ... double click or right click on a box on a form to data source it ... sadly it doesn't work on all boxes.
When you look at an onscreen tax form using Forms Mode, you might wonder why one figure is blue and the one next to it is red or black.
These colors indicate the source of that data.
Color | Meaning |
Blue | You entered this data, either in the interview or Forms Mode. |
Black | The program entered this data or calculated this amount. |
Red | This data has either been overridden or is invalid (for example, a ZIP code that doesn't exist). |
Red italics | You marked this amount as estimated. |
Black italics | The program calculated this amount from an amount you marked as estimated. |
Purple | This information has supporting details. |
Aquamarine | This data was transferred over from last year. |
Green | This data was imported from Quicken or QuickBooks. |
Yellow fields (Windows) | Yellow fields allow user input. Anything you enter here shows up in blue. |
@Critter-3 I see nothing here that answers my question of how did ttax calculate 2021 estimated tax.
Yes I have turbotax premier download version and from the forms mode:
At the 2nd line from the bottom of the Estimated Taxes and Form W-4 Worksheet it states "110% of your 2020 actual tax." The estimate of total payments you will need to make for 2021 at the bottom of Estimated Taxes and Form W-4 Worksheet, the figure is slightly higher than 110% of Form 1040 line 16 by $37, but at 110% of Form 1040 line 24, it’s low by $185, (also from forms mode).
What am I missing in understanding how turbotax calculated the figure at the bottom and should I add $185 to the turbotax calculated amount for the fourth 1040-ES payment in January?
Since I cannot see your information I would err on the side of caution and send a bit more ... call TT support directly if you have further questions on this matter.
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