Estimated Tax Payments setup

[Anonymous]

Last year I had a tax preparer do my taxes. The tax preparer setup automatic quarterly debit from my account to the IRS. This year I back to doing my taxes (with TurboTax) and will need to continue to do estimated taxes.

I have a few questions.

1. Will the estimated taxes the tax preparer setup last year continue to automatically withdrawal from my account or do I need to be setup new automatic payments for 2021 tax year? I do not want to double pay.

2. Since the tax preparer setup the quarterly payment with the IRS on my behalf last year does that mean I already have an IRS account?

[JohnB5677 · Accepted solution]

Yes you will have to setup a new payment arrangement.  TurboTax will assist with this.

If you are trying to calculate Estimated taxes for next year:

• Start at Other Tax Situations
• Scroll down to Other Tax Forms
• Choose Form W-4 and Estimated Taxes
• Continue through the interview
• At the end of the interview you will be able to setup automatic payments.

Yes, you do have an account with the IRS.  It is based on your Social Security Number.  Your estimated payments will be allocated there.

[ianceicys]

My wife and I have previously used an accountant that setup 4 estimated tax payments each being $2,500. We want to do the same for 2021, as it ensures that we always are ensured that the full amount of our taxes are paid, and every year we get to have a nice sizeable return instead of owing money. 

I've gone through the interview questions and TurboTax is calculating our estimated tax payments for 2021 to be $300.00 which while nice, isn't what I want. I want to have the vouchers be setup for $2,500.

Is there a way to override the interview and setup the vouches to be a specific amount, say $2,500?

[Anonymous]

I have the same situation, TurboTax is coming in lower with the estimated taxes.  Do I need to have vouchers created in TurboTax or can I just go on the IRS site and setup a payment amount I would like the IRS to withdrawal?

[LenaH · Accepted solution]

No. You do not need to have vouchers created through TurboTax. These forms are not e-filed when you submit your return. You could also cross out the amount on the 1040-ES and write in the amount you want to pay. 

However, you should be able to adjust your estimated payments and generate new 1040-ES vouchers if you follow the instructions below: 

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
2. Answer No to the question Do you want to change your W-4 withholdings for 2021?
3. Answer the questions about things like your 2021 filing status, income, and deductions.
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2021 1040-ES payment vouchers when you print a copy of your return later.

@Anonymous

@ianceicys

[Anonymous]

Thank you for the response that did help.  

One thing I found that brought my estimated taxes closer to what I am paying today was the "Which Method" section during the 1040-es questionnaire.  I was selecting the default 100% (or 110%) of your actual 2020 Fed taxes.   When I selected 100% of your estimated 2021 taxes the payment came more in line with what I expected and paid last year.  

On this IRS site will I be able to schedule automatic withdrawals, so I do not have to worry about missing a payment for the year? 

@ianceicys

@LenaH 

[SForrestLO]

This Turbo Tax FAQ will show you how to pay taxes. How can I pay my federal taxes?

[Anonymous]

It sounds like I can have TurboTax (TT) setup my 4 estimated payments through the TT software.  From the link you sent it looks like I need to fill out form 9465, is that correct? Is that the right form for automatic debit withdrawal from the IRS for estimated payments throughout the year?  I do not owe this year I will be getting a refund, so TT will not automatically ask me to fill out this form. The 9465 form sounds like a form if I owe and want to make installment plan payments. 

@SForrestLO 

[CarissaM]

You would not need to complete form 9465, as that is for amounts owed for a current year, not estimated payments. 

You can view the ways to make your estimated payments here. There is no way to set up a payment for a future date, only on the current date. It may be best to use a digital calendar on your mobile device to set up a reminder, to ensure you would not forget a future payment .

[rosammy-att-net]

There was an error made when estimating my my estimated payments for 2021 for the California Tax Return.

[rosammy-att-net]

how do  i get to other tax situations

[Anonymous]

First click "Federal" on the left hand menu and then you should see "Other Tax Situations" as the third tab at the top of your TurboTax screen.  Click the tab and it will take you to the menus.

Select Federal (in left column)

Then select Other Tax Situations (top of page)

How do I find the "other tax situations" button when using BECU TT SE online? (intuit.com)