Quarterly payments

5 replies
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I am self employed and my wife works full time. I always use turbo tax home and business. I am getting to the point where I may need to do estimated quarterly tax payments. My question is that once I start making them and then find out it wasn't really needed can I stop doing them in the next year or am I stuck making them once I start?

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bluedebAnswer

Alumni - Champ

You can stop estimated tax payments anytime. If your situation changes you do not have to make the estimated quarterly payments.

bluedeb

Answer

Alumni - Champ

You can stop estimated tax payments anytime. If your situation changes you do not have to make the estimated quarterly payments.

pjglace

Level 2

Thank you.

Carroll Price

Level 2

I can't find the space for recording quarterly tax that i paid.

DoninGA

Level 15

@Carroll Price wrote:

I can't find the space for recording quarterly tax that i paid.

To enter, edit or delete estimated taxes paid (Federal, State, Local) -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Estimates, click on the start or update button

Or enter estimates paid in the Search box located in the upper right of the online program screen. Click on Jump to estimates paid

Or click on Tax Tools on the left side of the screen.
Click on Tools
Click on Topic Search
Type in estimated tax payments, click on GO

Federal estimated taxes paid are entered on Form 1040 Schedule 3 Line 8. The totals for Schedule 3 flow to Form 1040 Line 18d