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?
You can stop estimated tax payments anytime. If your situation changes you do not have to make the estimated quarterly payments.
I can't find the space for recording quarterly tax that i paid.
@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) -
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
Do a Search for estimated taxes paid, and click on the jump-to link.
Note that you will be able to enter both federal and state estimated taxes here