How to access Form 1040-ES Estimated Tax for Individuals - for those who are self employed or income includes IRA withdrawals

[helen26]

While using the 2024 version of Turbo Tax Deluxe (Windows Desktop) version, I ran into problems with it not automatically presuming I would wish to use the option of calculating ESTIMATED TAX TAX PAYMENTS - 1040-ES, even though I have used it in 2023 and previous years.

In an attempt to find the option, I looked under "Deductions & Credits" and could not find  it.  I then called the help desk number and gave them info on this problem (and that I kept getting into a weird request to complete my state's income tax portion, even though Washington state has no income tax).  While waiting to talk to one of their experts, I FOUND where this option is located:

 "FEDERAL TAXES" -> "Other Tax Situations"  and then under "Other Tax Forms" and lastly "Form W-4 and estimated taxes" ->     THEN YOU have to go through another "option" (Do you want to change your W-4 withholdings for 2025?" - SAY NO - then on the next window you finally see this option:

    "Estimated Taxes for 2025"   and "Do you want to prepare estimated taxes for 2025?"   <<<<<<<<

Here's the thing, only people who get a regular paycheck can request changing taxes set aside via a "W-4" form.  But, for those who do their own estimated taxes (e.g. self employed or use IRA or other savings) they MUST use THIS path through Turbo-Tax for it to help them "guess" how much their income will be next year and use the "safe harbor" process to calculate acceptable quarterly payments for the NEXT year based on THIS years income and taxes.,

IRS document "2025 Form 1040-ES Estimated Tax for Individuals" explains how to do this all by hand.  But, buried deeply in TurboTax, is the process for TurboTax to calculate this for you.  And this is sweet and nice.

Sigh.

[VolvoGirl]

If you have the Desktop program you can switch to Forms mode and fill them out there.  But what I do is first fill out the What-If Worksheet to help estimate my income for 2025.  To find the What-If Worksheet.  Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.

I copy the  2024 amounts in column 1 to column 2 and  override them with my new amounts.  Click the box at the top of the column to use 2025 tax rates.

Then when you get your income, payments and taxes calculated go to the Est Tax Options worksheet and play with the options.  

I update these sheets each quarter as I know how much my income is so far like interest and put in estimated totals for the year.    I also print out my 1040ES estimates and state estimates without amounts.  Then write the amount on it when I'm ready to mail it.  

[helen26]

Good points, Volvogirl!  But, my main complaint is that placing the access to the worksheet form for Form 1040 ES is now buried deep beneath changing the "W4" form; that is really strange. If you own your own business, you don't file a "W4" form, you pay estimated tax amounts throughout the year, yourself accompanied by FORM 1040 ES.  I am pretty sure it used to be in a very obvious place in their "tree of operations" and when I searched for it in the past, it popped up.  Not in the 2024 edition, though.