Where in TurboTax can I override the programs estimated tax values for 2021? In the past TT has underestimated my taxes so I would like to manually specify my quarterly payments.
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TurboTax uses the most recent information when calculating your 2021 estimated taxes. If you want to adjust for the increased income, then you are able to do so in TurboTax.
Please follow these steps to calculate and generate new 1040-ES vouchers:
This is not what I was wondering about. I think the TurboTax customer service agent misunderstood. I want to know about SE tax, not estimated tax.
TurboTax is automatically calculating the amount I can legally defer, but I don't want to defer it, I want to pay it now. How do I override the calculation on Schedule 3 and get it to $0?
To get past this screen so you can file your taxes, you need to update Schedule SE-T.
The process: delete Sch SE-T, take a quick run through of the self-employment to recalculate Sch SE-T, and then turn off the Max Deferral.
To do this in TurboTax, follow these steps:
First, delete Sch SE-T that applies by following these steps:
From the left menu, select Tax Tools.
Select Tools.
Scroll to Delete a Form.
Scroll to Sch SE-T, select Delete, confirm the deletion.
Next, to replace Sch SE-T, return to the self-employment income & expenses interview in the Income & Expenses section and select Edit/Add.
Select Edit for your business.
Scroll down to Done so that the Sch SE is recalculated.
Finish any other questions in the self-employment interview and click Continue.
Lastly, revisit the section for the Self-employment tax deferral entry:
Return to the Deductions & Credits section.
Scroll to Tax relief related to COVID-19 and Show More.
Select Self-employment tax deferral and select Revisit.
Answer Yes at the next screen to get back to Let's start by getting your eligible income.
If you do not want to defer any self-employment income, "Enter your eligible self-employment income" should be blank.
Select Continue.
At Tell us how much you'd like to defer, "Enter amount" should be blank.
Select Continue.
Scroll down and select Wrap up Tax Breaks and Continue.
Run through the Federal Review again.
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