Quarterly Tax Questions - Standard Deduction, Filing and State Taxes

[marie8]

Okay, this forum has been so helpful! I have some more questions about quarterly taxes:

1. If I pay via credit card on the IRS website, do I need to 'file' anything? Do I need to mail vouchers in still?

2. When do I apply my standard deduction to these taxes, will I do it at the end of the year with my annual tax return?

3. Is there a way to figure out my state estimated taxes with Turbo?

Thank you!

[VolvoGirl]

No, if you pay the IRS online you do not need to send in the 1040ES estimated slip.  Be sure to pick the right kind of payment and year.....2022  Estimate

The Standard Deduction is applied to you annual 1040 tax return.  Nothing to do with estimates.

For state estimates go through the state return again.  It should be at the end of state like under Other Situations.

Quarterly Estimates are just to cover the tax due on your April tax return .  In case your withholding isn't enough or you have income that doesn't have withholding taken out.  

[marie8]

Fantastic, thank you!

[marie8]

Oh and one more thought, how do I 'prove' I paid my quarterly taxes when I file my end of the year? Do I need to just keep track on my own or do I need to have official paperwork from the IRS for that? 

[Opus 17]

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@marie8 wrote:

Oh and one more thought, how do I 'prove' I paid my quarterly taxes when I file my end of the year? Do I need to just keep track on my own or do I need to have official paperwork from the IRS for that? 

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You report your payments in your tax program so you get credit for them, but you don't include any proof.  The IRS should be keeping their own records.  However, you should save your own receipts, in the unlikely event the IRS loses track of a payment and tries to bill you for the "missing" funds.

If you have an IRS online account, you may be able to see your payments applied to your account via an account transcript, although I have not tested this and I don't know how often the transcript is updated.

https://www.irs.gov/individuals/get-transcript

(These tips apply to your personal tax return including any schedule C businesses.  If you are talking about an S corporation, C corporation, or partnership, there will be other ways of looking up your account.)

[marie8]

Perfect, thank you!