It depends. TurboTax uses the most recent information when calculating your 2021 estimated taxes. Generally, taxpayers have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. However, if you have always made estimated tax payments, and your tax situation did not drastically change in 2020, then usually you would make estimated tax payments for the following year as well.
TurboTax allows you estimate your 2021 income and deductions in order to calculate and create estimated tax payments, if necessary.
Please follow these steps to calculate and generate 1040-ES vouchers:
- With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
- Answer No to the question Do you want to change your W-4 withholdings for 2021?
- Answer the questions about things like your 2021 filing status, income, and deductions.
- Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2021 1040-ES payment vouchers when you print a copy of your return later.
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