You'll need to sign in or create an account to connect with an expert.
See this TurboTax support FAQ for estimated taxes in 2020 - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
Thanks. This approach creates vouchers based on the previous year and is not annualized. I have to actually compute my estimated tax bill each quarter based on actual and current finances. Right now, I manually use worksheet 2-7 and supporting worksheets for se tax and capital gains. Can TurboTax do this for me?
No. You will have to use the worksheets in the IRS Form 1040-ES instructions for 2020 when they become available.
You must allocate the income, deductions and credits to the four tax quarters yourself. TurboTax has no way to know the timing of the various portions of these throughout the year. Once you have determined the allocation of these amounts per quarter yourself you can enter them into TurboTax so that TurboTax will prepare Schedule AI of Form 2210.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
alkemix
Level 2
tbrown31349
New Member
nrwalter
New Member
khanson22
New Member
carolsnow
New Member