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Level 1
posted Jun 16, 2020 9:38:32 PM

I need to recalculate my 2020 estimated taxes since I won't have an MRD withdrawal this year. Where/how I can find a tool here to do this?

I filed my taxes in March, before the gov't said it won't be necessary to take an MRD from a retirement account in 2020.  So the TT calculation includes that amount.  I want to recalculate the estimate tax without the MRD amount.
The only info I've found in TT Help doesn't seem to apply Turbo Tax Online.  When I try to access my return, the only option I get is to download it.  (I already did that.)  Any suggestions would be appreciated.

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1 Replies
Expert Alumni
Jun 18, 2020 7:28:47 AM

If you pay 100% of last year's tax liability (line 16 of your 2019 1040), you can avoid penalties. Simply take the amount from your return, divide by four, and make four equal payments.

 

However, if your adjusted gross income (AGI) was greater than $150,000, that estimate must be 110% of last year's tax liability.

 

You can also pay 90% of this year's tax liability to avoid penalties. This is more difficult to estimate, as you need to determine what that amount will be.

 

Estimated Taxes: How to Determine What to Pay and When

 

Estimated Tax Payments

 

IRS Estimated Taxes