I need to estimate my 2020 Taxes. My 2019 had no 2020 estimated payment vouchers since I owed no money. How do I do it?

[null495]

"I need to estimate my 2020 Taxes. My 2019 had no 2020 estimated payment vouchers since I owed no money. How do I do it?"

[VolvoGirl]

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

See,

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021.   The first quarter is not due until July 15 this year.  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate

[Carl]

A good general rule of thumb is that if you just send the IRS 20% of your *GROSS* business income each quarter, then come tax filing time you'll be fine. I've been doing this for 15 plus years with no issues.

[null495]

Thank You very much.

[chasker]

I dont usually send in estimated tax payments but now I need to do it this year, due to some stock sales. But I have missed 3 of the 4 deadlines. Can I just adjust the payment amount and send in one payment? Or how should I do it?

[Anonymous]

you can make the one payment now.  there's no way to make up for the estimates that were originally due 7/15 (50%) and 9/15 and 1/15/21.  the last 2 @25% each.   but you have various means to avoid or minimize penalties come your 2020 filing.  

1) use the anuallized installment method for calculating the penalty (form 2210).

2) if you have withholding and make no estimated tax payments there will be no penalty if it equals 90% of 2020 tax or

3) withholding is 100% (110% if 2019 AGI was over $150,000) of 2019 tax

4) if 90% of 2020 tax less withholding is less than $1,000  

5a) thru 7/15/2020 withholding and estimates equal 50% of 2019 tax (assuming its lower than your 2020 tax and AGI less than $150,00 - if 2019 AGI over $150,000 use 110% of 2019 tax)  

5b) thru 9/15 change the 50% to 75% 

5c) thru 12/31change the 75% to 100%