Two Questions - not related

[hoosierkid1]

Question 1 - I had forgotten, and then overlooked a Christmas bonus given to me in December of 2020.  The 1099-NEC arrived AFTER I had filed my federal return.  I included the amount on my state and local returns so that isn't an issue.  I've never had to amend a return before, so

     A.)  how do I do that...and

     B.)  I filed that year's federal return using a paper return and the US mail...can I/should I file the amended return via paper also, or could I use Turbo Tax?

Question 2 - My wife and I retired this year.  She retired June10, 2022 and I retired July 15, 2022.  My question is not for 2021's return, but the potential of quarterly tax payments starting in 2023.  I've heard about them, but never did them so I'm a rookie in this area.  So:

     A.)  How do I even know if I should file quarterly returns or if I could just file once like past returns.  (I'd prefer to file just once but don't want to pay a penalty.)

     B.)  Does Turbo Tax accommodate quarterly returns?

     C.) If so, how is the filing fee to Turbo Tax calculated?  1/4 of the annual rate each time? or is is something else.

[maureencpa]

Congratulation on your retirements!

I will try to get these answers in order:

Amending a return:

• The following link will take you to an IRS article explaining the 1040X (amended returns):    https://www.irs.gov/faqs/irs-procedures/amended-returns-form-1040x
• You can e-file the 1040X if you choose but it is not mandatory. 
• A paper version may also be used: https://www.irs.gov/pub/irs-pdf/f1040x.pdf

Calculating and paying estimated taxes:  The answer to most of your questions depend on the amount and type of income you will have in retirement.

• If you will immediately be receiving a pension, social security, retirement accounts distributions you should check to see if you are having federal and state (if applicable) tax withheld, if not I recommend that you start. 
• Tax programs assist in the calculation of estimated tax payments, it starts with the current year income components, deductions and tax payments and you can adjust by increasing or decreasing and the estimated tax(es) are calculated for you.  TurboTax does this type of calculation. 
• You can make one payment of estimated taxes or four, these can be paid by check or you can set up an account at IRS.gov and pay there.  If your state has income tax they probably also have an online payment option.

This may also help: 

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes