When a user pays quarterly state and federal estimated income tax for the prior calendar year (current tax year), do they also include that income in the TurboTax section "Your income" > "Self-employment income and expenses" in addition to the "1040-es" form under section "Federal" > "Deductions & Credits" > "Estimates and Other Taxes Paid" > "Estimated Tax Payments"?
The concern is that the income will be double-counted if added in both sections described above.
The estimated tax payments are only entered in the Estimates section of the program.
To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Or enter estimates paid in the Search box located in the upper right of the online program screen. Click on Jump to estimates paid
Or click on Tax Tools on the left side of the online program screen.
Click on Tools
Click on Topic Search
Type in estimated tax payments, click on GO
Federal estimated taxes paid are entered on Form 1040 Line 26
The TurboTax support team member I spoke with shared the same information.
Much appreciated!
All income should be included in the TurboTax section "Your income" > "Self-employment income and expenses".
The estimated tax payments are only entered in the Estimates section of the program.
To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Or enter estimates paid in the Search box located in the upper right of the online program screen. Click on Jump to estimates paid
Or click on Tax Tools on the left side of the online program screen.
Click on Tools
Click on Topic Search
Type in estimated tax payments, click on GO
Federal estimated taxes paid are entered on Form 1040 Line 26
The TurboTax support team member I spoke with shared the same information.
Much appreciated!
All income should be included in the TurboTax section "Your income" > "Self-employment income and expenses".