TurboTax will calculate your 2017 estimated tax pa...
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gelitax13
New Member

Trying to figure out how to determine 2017 estimated taxes

 
2 Replies
ChelseaS
New Member

Trying to figure out how to determine 2017 estimated taxes

TurboTax will calculate your 2017 estimated tax payments based on the information you provide in the interview.

  • Sign into TurboTax
  • My TurboTax > Tax Timeline > Take me to my return
  • Go to the Federal Taxes tab (Personal depending on version) 
  • Other Tax Situations sub-tab 
  • Other Tax Forms > Form W-4 and Estimated Taxes > Start/Revisit. Continue answering questions relating to your estimated taxes.

Please see the following TurboTax FAQ for additional information. https://ttlc.intuit.com/replies/3301458

cmmanis
New Member

Trying to figure out how to determine 2017 estimated taxes

You did not indicate if this payment is for personal or business taxes.

For Personal: The individual can pay taxes directly through the irs.gov website.  You will need your social security number, bank routing code and bank account number.  You enter information and the IRS electronically transfers money from your account.  They prvide a confirmation number.  Save this number!!!  Copy and paste it into a computer file and print out your receipt on paper for back up.  You can look up payments later with your confirmation number.

For Business: You pay the IRS through Electronic Federal Tax Payment System eftps.gov.  You have to register there before using that system.

To estimate "how much to pay" this worked for me to pay individual taxes.  Calculate your estimated income and deductions: mortgage interest, contributions, property taxes, etc.  I used a spreadsheet with the major sections of the 1040 on it.  I created the spreadsheet.  I used the tax tables from the prior year.  Projected income and W-2 tax payments and added to actual income and W-2 tax payments to date.  Use the tax rate table for your filing status.  All of these numbers go together and you see your estimated taxes owed and how much you have paid.  If you underpay by more than 1,000 two years in a row, you will have to apy a penalty.  The prospect of a penalty motivated me to create the spreadsheet and do the work.  Take your previous year return and input your actual numbers from your return.  In columns to the right, put in your estimated / calculate numbers.  At the bottom you see line 63 - total tax and line 74 - total payments.  These two numbers generate amount owed or overpaid.  The target is zero, but keep the amount owed to less than 1,000 to avoid penalties.  Generally payments due Apr 15, June 15, Sept 15, and Jan 15 for the calendar year.  So taxes are due by JANUARY 15, filing is due by April 15 for the prior calendar year.  Hope this helps.

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