Estimated taxes

[lizbub]

TurboTax is calculating my estimated taxes as if the "other" income expected in 2025 (from pension and retirement plan withdrawals) will have no taxes withheld.  But both will have federal tax withheld.  I've tried to fix this by removing the amount of income expected from those sources (reported under "Other Income"), but that results in us owing ZERO estimated tax, which is too low. We should owe some estimated tax on account of my solo business income from which nothing is withheld -- but nothing as high as the amounts TurboTax is saying.

[DawnC]

Go back through the estimated tax interview again.   Enter your estimated income and withholdings and TurboTax will re-figure them based on your entries.   

You can enter your expected income and deductions in TurboTax or Tax Caster to get a feel for 2025's taxes.   In TurboTax, you can go through the estimated taxes for next year section.   If you already filed your return, you will need to click on Add A State at the bottom of the home page to access your return.    You can do this for your federal taxes and your state taxes, if applicable.  

Estimate next year's federal taxes

Estimate next year's state taxes

[lizbub]

I have gone through that section at least three times, have given detailed info about expected income, deductions, etc., and it still keeps coming back with the same too high amount.

[MarilynG1]

You don't have to pay the amount of Estimated Taxes that TurboTax calculates for you.  You can send any amount you choose, or you can pay estimated taxes directly at the IRS site.

This is just a worksheet for your records; it doesn't get filed with your tax return. 

Here's more info on Estimated Taxes.

@lizbub