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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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:
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