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Level 1
posted Mar 23, 2020 1:29:15 PM

My turbotax federal tax return has no suggestion for whether I have to pay 2020 estimated tax installments. I did last year but how can I be sure for 2020?

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1 Best answer
Employee Tax Expert
Mar 23, 2020 1:51:59 PM

It depends.

 

TurboTax will automatically generate the estimated tax vouchers if you may be at risk for underpayment next year.  

 

Do I need to make estimated tax payments

 

You can also go into the program and enter your expected information for 2020 and the program will generate your estimates if needed. 

 

Go to the federal interview section.

  1. Select Other Tax Situations 
  2. Select Other Tax Forms 
  3. Select Form W-4 and Estimated Taxes 
  4. Proceed to answer the questions as applicable
  5. Based upon your answers, the program will determine you need to make any additional estimated tax payments or not

 

4 Replies
Employee Tax Expert
Mar 23, 2020 1:51:59 PM

It depends.

 

TurboTax will automatically generate the estimated tax vouchers if you may be at risk for underpayment next year.  

 

Do I need to make estimated tax payments

 

You can also go into the program and enter your expected information for 2020 and the program will generate your estimates if needed. 

 

Go to the federal interview section.

  1. Select Other Tax Situations 
  2. Select Other Tax Forms 
  3. Select Form W-4 and Estimated Taxes 
  4. Proceed to answer the questions as applicable
  5. Based upon your answers, the program will determine you need to make any additional estimated tax payments or not

 

Level 1
Mar 26, 2020 7:29:19 AM

Thank you.  I was able to confirm that I do not have to make any estimated tax payments for 2020.  TurboTax should consider adding a comment in their cover comments to the return that no estimated taxes are due for next year if you have paid estimated taxes in the year filed.

Expert Alumni
Mar 26, 2020 7:40:47 AM

You are welcome.  Your comments have been forwarded.

Returning Member
Jun 13, 2020 10:09:12 PM

Why is there absolutely no way to pay my 2020 estimated quarterly taxes (as an independent contractor)? Super frustrating that there isn't any option anywhere on TT's site...