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Level 2

Solved

Estimating Next Years Taxes (2021)

Forum|Forum|5 years ago
January 31, 2021
3 replies
0 views

No text available

Best answer by JohnB5677

Hello,

While this reply was not an answer to the question I posed, I am grateful to receive it.

My posting was to do with the question of 'where' to enter the RMD for 2021 when projecting the figures TT would need to compute the estimated 2021 tax obligation.

This is where you would post your 2021 RMD to calculate your estimated taxes.

Start at Other Tax Situations
Scroll down and select Other Tax Forms
Select Form W-4 and Estimated Taxes
Continue through the interview to Enter 2021 Other Income

tax_payerAuthor

Level 2

ACCIDENTALLY SENT A BLANK QUESTION

What I was going to ask was to do with where to enter the amount of my 2021 RMD in TurboTax (Windows Deluxe ed.) when preparing the 1040-ES estimates for 2021?

AnnetteB6

Level 15

Since there is not a specific place to enter retirement income when working through the estimated payments section of your return, enter the amount of your RMD as W-2 income for calculation purposes. That way, if you also expect to have Federal taxes withheld from your distribution you can also enter that amount in the W-2 field as well.

Since this is just a way to calculate your estimated payments, where the data is entered is not critical. It is more important that the income amount be close to what you expect.

@tax_payer

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

VolvoGirl

Level 15

I too would like to estimate next years 2021 taxes, ......but not sure how to get started using this years 2020 software.

2020 returns have already been filed.

How do I re-initiate the 2020 software to enter W2's and 1099's in order simulate an estimated 2021 tax year return, with the understanding that next years tax law changes are likely; .....just want to get a rough estimate at this time.

Thanks in advance,

Mike1941

To plan for next year you can go though the Estimate section or in the Desktop program there is also a What-If worksheet. And in Desktop, you can save your return with another name to test in. Go up to FILE – SAVE AS. In the Online version click on Add A State to let you back into your return, Be very careful not to change any of your actual current return.

You can just type W4 in the search box at the top of your return, click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.

Poor Program

Level 2

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

DoninGA

Level 15

@Poor Program wrote:

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

The TurboTax support FAQ gives you directions - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

DoninGA

Level 15

@DoninGA wrote:

@Poor Program wrote:

Once again, hoping for a useful response to a question. Over the past few years I have yet to get a useful response. However, let's try a new question:

How can I use my 2020 TT program to estimate my tax liability for 2021?

(I am, again, using the "Premier" version of the program.)

The TurboTax support FAQ gives you directions - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

To estimate your individual tax liability the only way to do that is to use the TurboTax desktop software in Forms mode and complete a What-if worksheet.

dmb5252

Level 2

I can not find other tax situations form so I can figure out next year's estimated taxes. RMD, not a head of household anymore

VolvoGirl

Level 15

@dmb5252 Are you using the Online version or the Desktop program? If you have the Desktop program, which version? All versions have the Other Tax Situations tab.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.