Yes, the 2020 Estimates are in the Other Tax Situations section. Once populated, they can be printed from the Print Center.
To revisit the estimated tax payment section follow these steps:
- Form the left menu, select Federal
- Select Other Tax Situations, third tab from the left
- Scroll down when all uncommon situations are opened to Other Tax Forms and click Show More
- Select Form W-4 and Estimated Taxes and click Start
- Adjust how much tax you pay if you wish
- Review your estimates? Click Yes
- Select Your 2020 Filing Status and click Continue
- Enter your 2020 Age and click Continue
- Enter any dependent information for 2020 and click Continue
- Enter your income, credit and deduction details as prompted
- Then, an estimated tax liability will be calculated and you will come to the Enter Payments You Expect to Make screen and follow the prompts.
The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or less (single with AGI of $75,000 or less) is:
Taxes must be paid through the current year to equal the lower of either
- 100% of the prior year OR
- 90% of the current year
The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or more (single with AGI of $75,000 or more) is:
Taxes must be paid through the current year to equal the lower of either
- 110% of the prior year OR
- 100% of the current year
