Calculating ES-1040 Quarterly Payments for 2024

[cristoltt]

How can TT Home & Business calculate quarterly 2024 ES-1040 payments without knowing what my retirment accounts required minimum distributions will be (TT never asked) or at least the ending 12/31/23 balances of those accounts (TT never asked).

[RobertB4444 · Accepted solution]

TurboTax calculates the 2024 estimated payments automatically based on the 2023 tax return.  The IRS expects taxpayers to pay in at least as much as they owed the prior year and the system assumes that you won't have any dramatic changes to income when calculating those payments.  If you expect to have a dramatic shift then you should manually adjust the estimated payments in the "Other Tax Situations" section of your federal tax return.

@cristoltt