Yes, if your adjusted gross income (AGI) for 2023 is more than $150,000 ($75,000 if your filing status is Married Filing Separately), you are required to pay 110% of your 2023, or 90% of your 2024 tax through withholding and estimated taxes to avoid an underpayment penalty.
TurboTax is calculating your estimated payments to avoid the underpayment penalty, but it is voluntary. If you think the payments are too high, you can review the estimated payments section in TurboTax, or just make adjustments on your own.
To review this section in the TurboTax program:
- Sign in to your TurboTax account.
- If you have already filed your return, select Add State to get back into your return.
- Select Other Tax Situations.
- Expand Other Tax Forms and find Form W-4 and Estimated Taxes, select Start or Revisit to the right.
- Answer No to the question Do you want to change your W-4 withholdings for 2024?
- Select Review Now on the next screen.
- Answer the questions about your 2024 filing status, expected income, and deductions.
- On the screen titled, Which Method? Select one of the 2024 options, not the first option.
- When you come to the Print Vouchers? screen, answer Yes and the program will include your 2024 1040-ES payment vouchers when you print a copy of your return.
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