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I want to start my 2023 quarterly return and it keeps starting me at 2022. I did my 2022 returns with another company. How do I jump to 2023?

 
4 Replies

I want to start my 2023 quarterly return and it keeps starting me at 2022. I did my 2022 returns with another company. How do I jump to 2023?

You can't start 2023.  You have to start with your 2022 return to prepare the 2023 quarterly estimated payments.  They are based on 2022 entries.  So you would have to fill out all your 2022  entries again and recreate your 2022 return first.  Then.....

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I want to start my 2023 quarterly return and it keeps starting me at 2022. I did my 2022 returns with another company. How do I jump to 2023?

ee-ea
Level 15

I want to start my 2023 quarterly return and it keeps starting me at 2022. I did my 2022 returns with another company. How do I jump to 2023?

To avoid under payment penalties on the 2023 tax return.

Total Tax is line 24 of the 2022 return.

On March 30

Multiply Total Tax by 25% or 27.5% *[ * if line 11 of the 2022 return is over $150K or 75K if filing MFS]

Subtract cumulative withholdings. Difference is the amount to pay as first quarter estimate by April 15.

 

On May 31

Multiply Total Tax by 50% or 55% *

Subtract cumulative withholdings. Difference is the amount to pay as second quarter estimate by June 15.

 

On August 31

Multiply Total Tax by 75% or 82.5% *

Subtract cumulative withholdings. Difference is the amount to pay as third quarter estimate by September 15.

 

On December 31

Multiply Total Tax by 100% or 110% *

Subtract cumulative withholdings. Difference is the amount to pay as fourth quarter estimate by January 15. File and pay by January 31 to avoid paying the quarterly.

 

 

 

rjs
Level 15
Level 15

I want to start my 2023 quarterly return and it keeps starting me at 2022. I did my 2022 returns with another company. How do I jump to 2023?

You don't file a tax return every quarter. You just make a quarterly estimated tax payment. You file one tax return at the end of the year.


You can make the quarterly payments directly from your bank account using Direct Pay on the IRS web site. If you prefer to mail a check, you include a voucher, Form 1040-ES, that just shows how much you are paying. It's not a tax return. If you follow VolvoGirl's instructions, TurboTax for 2022 will create the 2023 vouchers for you. The software that you used for 2022 probably has a similar feature to estimate your 2023 tax and print vouchers. That would be easier, because your 2022 tax return is already there.

 

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