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The estimations in TurboTax can be adjusted. Your information in 2017 pre-populates, however there are boxes next to the numbers for you to enter adjusted numbers.
Also, these estimations will produce Vouchers for you to pay quarterly for 2018, however nothing is sent to the IRS and will not be expecting any particular figure. This information is there for your convenience.
If you have already filed your return. You can go into you return as if you were going to amend. Open this TurboTax link and follow the instructions to re-calculate your estimations: https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed .
You won't actually amend. Amendments cannot be electronically filed. They must be mailed to the IRS. So, in this case you will go to the Other Tax Situations page and re-do your estimations to fit your situation next year to have valid vouchers to print and send to the IRS. Be sure to adjust the name(s) and social security numbers on the amendment as well as your filing status. You can also delete your spouse's information for more accurate calculations.
As you go through the estimation of your tax liability for next year, you can use the figures of this year that are listed, raise or lower them as you anticipate. Tailor them to your personal situation.
Be honest with yourself about what you think next year's income and expenses will be. It is an estimation and the idea is to pay your estimated taxes so that next year you won't be hit with a huge tax bill or penalty.
The following link from the IRS may be helpful:
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
The estimations in TurboTax can be adjusted. Your information in 2017 pre-populates, however there are boxes next to the numbers for you to enter adjusted numbers.
Also, these estimations will produce Vouchers for you to pay quarterly for 2018, however nothing is sent to the IRS and will not be expecting any particular figure. This information is there for your convenience.
If you have already filed your return. You can go into you return as if you were going to amend. Open this TurboTax link and follow the instructions to re-calculate your estimations: https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed .
You won't actually amend. Amendments cannot be electronically filed. They must be mailed to the IRS. So, in this case you will go to the Other Tax Situations page and re-do your estimations to fit your situation next year to have valid vouchers to print and send to the IRS. Be sure to adjust the name(s) and social security numbers on the amendment as well as your filing status. You can also delete your spouse's information for more accurate calculations.
As you go through the estimation of your tax liability for next year, you can use the figures of this year that are listed, raise or lower them as you anticipate. Tailor them to your personal situation.
Be honest with yourself about what you think next year's income and expenses will be. It is an estimation and the idea is to pay your estimated taxes so that next year you won't be hit with a huge tax bill or penalty.
The following link from the IRS may be helpful:
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
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