I sold several rentals over the last few year and had large capital gains. I have very low income going forward and only my residence, so no significant capital gains or income next yeat. How do I adjust this incorrect assumption about the taxes I will owe next year?
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The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.
In the estimated taxes section of TurboTax, when it asks if you want to adjust your income or deductions, click Yes. Several screens later you will come to a screen that shows your 2023 capital gains and lets you enter the amount of capital gains that you expect in 2024. You can enter zero if that's what you expect. Continue through the screens and it will recalculate your estimated tax using the amount that you entered.
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