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wizard1786
Returning Member

Where do I enter extra tax payments for 2020??

 

I had a windfall last quarter of 2020 with stocks etc of aprox 60 k . Unfortunately I missed the deadline for paying extra taxes 1/15/12021 but made a payment to the irs of 30k on 2/18/2021. Now I am finishing my taxes and owe an additional  5k which I plan on paying tomorrow. Do i need  to put these tax payments on my 1040 or let the IRS figure it out? If I need to enter it where and how? Thanks 

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1 Reply
LenaH
Employee Tax Expert

Where do I enter extra tax payments for 2020??

You must enter the 4th quarterly payment made on 2/18/2021 under your estimated tax payments section in TurboTax. You may be assessed a penalty because the payment was due on 1/15/21. It is not recommended that you enter the payment you plan on making tomorrow. Instead, pay this when you submit your return. 

 

To enter your estimated tax payments in TurboTax, you can follow these steps: 

  1. Open your tax return.
  2. Search for estimated tax payments with the magnifying glass tool on the top of the page. 
  3. Click on the Jump to estimated tax payments link at the top of the search results.
  4. Click on Start next to Federal estimated taxes for 2020.
  5. Select yes for the question Did you pay federal estimated taxes for 2020?
  6. Follow the on-screen instructions. 

 

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