I'm retired, entered Dividend and Cap gains, but with the number that the program added to "other income" the total would be much higher than my total income.
Other income can be the following types of income:
Thanks Brittany. But the number that the program auto filled into the "other income" portion of the figuring quarterly estimates, was quite large 84k+, I don't have any 1099 misc income in my return, The only things not entered under dividends, and capital gains, should have been rental income, (a loss this year) a bit of ordinary interest 17k? and about 17k of SS retirement income. So much less than the 84k that auto populated into the estimated taxes area of the program? Can you tell me which lines on 1040 are auto added into that line?
Thank you
From TurboTax help content, the 'other income' category includes:
- Interest income
- Dividend income
- Retirement income
- Taxable Social Security benefits
- Income from S corporations, estates and trusts, and partnerships (but not partnership self-employment income)
- Rental properties (or your allowable losses from rentals)
- Any other miscellaneous taxable income or loss you expect to have next year
The best thing you can do is to go through the estimated payments section and adjust the expectations for your 2025 income so that you can see and understand what is going into the calculation. Use the steps in the following TurboTax help article to do this:
Thank you Annette, The fact that you pointed out that it includes dividend income, (which was already entered on the previous page), would explain the large number. I had assumed since you estimate next years dividend income, and entered it previously, that it wouldn't be included in the "other income" entry box. All of this is in the interview portion of calculating next years estimated tax.
Thanks again, Fred