I need to calculate estimated taxes for 2020. Turbotax provided an estimate on my 2019 return, however, the wages and investments for 2020 are very different than 2019.

When you prepare your 2019 return, we'll automatically calculate your 2020 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year.   You can also calculate your 2020 estimated taxes and generate the payment vouchers by doing this:

 

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
2. Answer No to the question Do you want to change your W-4 withholdings for 2020?
3. Answer the questions about things like your 2020 filing status, income, and deductions.
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2020 1040-ES payment vouchers (based on the information for #3) when you print a copy of your return later.

TurboTax uses the most recent info when calculating your 2020 estimated taxes.

 

Related Information:

• Can TurboTax calculate the estimated payments for next year's state taxes?
• Do I need to make estimated tax payments to the IRS?
• How do I make estimated tax payments?