“Total of your other taxable income and losses” on Form ES & W4 Wks

[newcastlelinda]

I want to know exactly what numbers Turbo Tax uses to calculate the value provided on the Form ES & W4 Wks for the entry “Total of your other taxable income and losses”.  I am trying to replicate this calculation with my numbers so that I understand how to estimate the matching number for my 2020 estimate.   My numbers do not match the Turbo Tax number.

Please provide details or a link to a Form.

[newcastlelinda]

Well, I finally figured this out.  So thank you anyway, I no longer need the help.

[KatienFrank]

Hi,

I've been trying to figure this out also. Could you tell me what you found?

Thanks

[JamesG1]

You can enter and review the estimated taxes (form 1040 ES) you paid by following these steps:

• Down the left side of the screen, click on Federal, then Deductions & Credits.
• Under All tax breaks, locate the section named Estimates and Other Taxes Paid and click Show more.
• Click on Start next to Estimated Tax Payments.

[jacobygp]

Good Morning James,

I am attempting to complete my estimated tax liability utilizing TurboTax Deluxe and can not find your referenced steps or information in my "Forms".  I am using the Mac version desktop of TurboTax.  My Estimated Taxes and Form W-4 Worksheet lists all my separate financial figures for income, deductions, adjustments, deductions, and credits.   All this information is straight forward.  But in addition to these figures, the Worksheet has a section listed as Other Income-Total of your other taxable income and losses (SeeTax Help)--this figure is generated for my previous tax year.  I can not make sense of where the figure comes from/what it consists of and how it is utilized in the final estimated tax.  Any assistance to clarify this line would be most helpful.  Thank you, Greg 

[Irene2805]

If you are viewing the worksheet in Forms Mode, try double-clicking on the figure to find it's source.  The Mac version does not have the data source menu like Windows does and it only works on some fields.

Other income on the Estimated Taxes and Form W-4 Worksheet can include the following:

• retirement income,
• taxable social security income,
• alimony,
• unemployment compensation
• Interest income
• Dividend income
• Income from S corporations, estates and trusts, and partnerships (but not partnership self-employment income)
• Rental properties (or your allowable losses from rentals)
• Any other miscellaneous taxable income or loss you expect to have next year

@jacobygp

[newcastlelinda]

Oh!  @KatienFrank it looks like I never replied to you.  Sorry about that.

Well, in case you want the information this year, here's what I have determined for all Income data on this form that affects me.

Schedule C income is on the first page.  There is a worksheet on the bottom of the page that is easy to understand.

The first entry at the top of the second page (Net investment income for 3.8% tax), comes from Form 8960 and includes:

    Interest, Dividends (total), Rental Income, Capital Gains (Realized and Distributed)

All these numbers will ALSO show up a second time on this page.

Qualified Dividends is self explanatory.

Net Short-term capital gains or losses is self explanatory.

Net Long-term capital gains or losses is self explanatory

Total of your other taxable income and losses:

   Interest, Dividends (total), Retirement Distributions, Rental Income.

I hope this helps anyone who also has this question.

If any experts see an error in my listing, please notify us all!

Linda John

[newcastlelinda]

For the record, here's what I have determined for all Income data on this form that I understand.

Schedule C income is on the first page.  There is a worksheet on the bottom of the page that is easy to understand.

The first entry at the top of the second page (Net investment income for 3.8% tax), comes from Form 8960 and includes:

    Interest, Dividends (total), Rental Income, Capital Gains (Realized and Distributed)

All these numbers will ALSO show up a second time on this page.

Qualified Dividends is self explanatory.

Net Short-term capital gains or losses is self explanatory.

Net Long-term capital gains or losses is self explanatory

Total of your other taxable income and losses:

   Interest, Dividends (total), Retirement Distributions, Rental Income.

I hope this helps anyone who also has this question.

If any experts see an error in my listing, please notify us all!

Linda John

[ReneeM7122]

@newcastlelinda your calculation explanation looks correct.

Here is some additional information about estimated tax.

[jacobygp]

Thanks for your reply Irene.  Unfortunately when I attempt to double click on the figure that the form has automatically inserted for the 2020 historical referent in the left column, it does not respond.  (doesn't indicatge where it is drawn from)  I have totaled all the items from the collection of possibilities that you list, but still doesn't equate to the figure there.  I am not sure if there is any other solution.  Just doesn't  make sense.  Any other suggestions on how I might resolve. 

Many thanks and happy Spring to you, Greg

[jacobygp]

I appreciate your feedback, Linda John.

I am still stumped on a solution to my question.  I am not able to double click on the 2020 figure that populates on this form along side to my input of 2021 figure to see where it comes from.  I have totaled all the items from the collection of possibilities that you list, but still doesn't equate to the figure there.  I am not sure if there is any other solution.  Just doesn't  make sense.  Any other suggestions on how I might resolve?

Thanks again and I hope Spring is nice in your part of the world. Greg

[jacobygp]

Good Morning Renee,

I have received some feedback from Irene and Linda John, but my issue continues to be an issue for me.  

I reviewed the link in your post, but it did not specify the various aspects of the estimated tax form.  I can't figure out the figure generated in this other income and losses that automatically generates based on my 2020 tax input.  All the income on my return is on other lines and this line seems to be additional from somewhere that I can't figure out.

I am not sure if there is any other solutions to this issue with a Mac application that may be the overall problem.  This matter doesn't  make sense to me.  Any other suggestions on how I might resolve would be welcome. 

Many thanks and happy Spring to you, Greg

[AmyC]

In the windows version, we do a right click and data source. A mac instead has a button for tax data at the top which is full of really great information. Go to the data box in question and click on the tax data button. Can you clarify what is happening through that button?

@jacobygp and happy spring!

[newcastlelinda]

Dear AmyC,

Per your suggestion, I looked at the tax data for the ES & W-4 worksheet.  There is very little to learn here.  The only data they track is the User Entered data.   No record of where the current year's data comes from, much less how it is calculated.

Also there are a couple of items that are listed here as user Entered when actually the data is from the Current Year taxes and not User Entered at all.  Those would be Cinccy-1 and Cexpcy-1 [schedule C income current year and schedule C expenses current year].    Fortunately, the data on the actual form DOES show up as black (app provided) and not the blue of User Provided.

All in all, the ES & W4 worksheet is a mysterious page of current year numbers with linking to or documentation of where some of them come from.  I understand Greg's puzzlement; this issue is not trivial.

Linda John

[jacobygp]

Thanks for your reply Amy.  I attempted to view the information through the Tax Data icon for the line item that I am attempting to clarify, but it brings up a whole collection of user entered data that does not add up to the figure generated on this. line on the Form ES & W4 Wks.  Very frustrating still as Linda John also replied to you on March 27, 2021.

What are the next steps to solve this???  Thanks, Greg