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rosenae
New Member

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

 
7 Replies
RobertG
Expert Alumni

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

You can calculate your 2020 estimated taxes and generate the payment vouchers by doing this:

  1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
  2. Answer No to the question Do you want to change your W-4 withholdings for 2020?
  3. Answer the questions about things like your 2020 filing status, income, and deductions.
  4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2020 1040-ES payment vouchers when you print a copy of your return later.

 

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Liliput
Level 1

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

@RobertG I don't think you answered the @rosenae 's question. Turbotax has calculated estimated tax payments for 2020 based on 2019 income. For seniors over 72  who have been taking RMD our 2019 included that amount. For 2020 I will not be taking as much if any from that IRA so taxable income will be much lower. In fact based on what I've already sent in I will get a refund. What is the effect on the IRS requirement to pay estimated taxes quarterly?

xmasbaby0
Level 15

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

@Liliput   Unless you expect to owe $1000 or more at tax time next year you do not need to pay estimated taxes if you do not want to.  Just because your return may have printed out some 1040ES forms dos not mean you are required to use them.  Paying estimated quarterly tax is optional.  If you think you will over over $1000 then paying quarterly estimated tax can prevent you from having an underpayment penalty.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Critter-3
Level 15

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

If you do NOTHING then the program calculates the estimates based on the 2019 tax liability  NOT the 2019 income. 

 

See this for calculating 2020 estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

 

See this for paying estimated taxes - https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

 

 

You can calculate your 2020 estimated taxes and generate the payment vouchers by doing this:

  1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
  2. Answer No to the question Do you want to change your W-4 withholdings for 2020?
  3. Answer the questions about things like your 2020 filing status, income, and deductions.
  4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2020 1040-ES payment vouchers when you print a copy of your return later.

 

After you file ... to open the account ... log in and scroll down and click on ADD A STATE. 

 

 

 

John Gordon
Level 2

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

I've made substantial charitable contributiions-from IRA $s, and others. I want to calculate/estimate 2020 tax liability. Do not care abo8t estimated taxes, do not care about tax payment estimates. Want only a way to estimate my tax liability given my 2020 income including RMDs, and my charitable donations. Thanks

John Gordon
Level 2

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

oou didn't answer my questions

Critter-3
Level 15

Since RMD has been waived for 2020, I need to recalculate my estimated tax. How can I do that in Turbo Tax?

Try the IRS tool here :   http://www.irs.gov/Individuals/IRS-Withholding-Calculator  

 

Or download the 2020 program ... it is not fully functional.

 

Or use the 2019 downloaded program that is fully functional ... try the What IF  tool ...

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

                  

Related Information:

                             

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

  • >>>In the TurboTax CD/Download software by creating a test copy
  • 1.  Open your return in TurboTax. 
  • 2.  From the File menu, choose Save As. 
  • 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
  • 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
  •  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

           

  • >>  use the WHAT IF tool: 
  • - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
  • - Click on the Open Form Icon 
  • - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
  • - You will see the worksheet on the right side of the screen; enter the information right into the form 
  • - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

  1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Save and then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

 

Always remember to shut off the auto update function once you have filed your returns and do not do any updates unless you have safeguarded the PDF & .taxfiles to a removable storage unit for safekeeping.  Click on ONLINE then Update Preferences.... don't be afraid to click on all the  menu headings to find all the goodies that are hiding. 

 

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