The only calculator I'm aware of is the Tax estimator.
You can calculate your 2021 estimated taxes and generate the payment vouchers by doing this:
- In TurboTax please follow these steps:
- After opening the return select FEDERAL
- Choose Other Tax Situations
- Scroll down to Other Tax Forms
- Select Show More
- Scroll to Form W-4 and Estimated Taxes
- Follow the steps from there
There is also an Online version that can be reached at: TurboTax Tax Estimator.
Estimated taxes are important so you can avoid tax penalties.
The underpayment penalty may apply if :
- The amount of tax you paid during the tax year is less than 90% of the tax that you owed for the current year.
- Example: in 2020 you had $8,500 withheld in taxes. Your 2020 tax return shows that you owe $10,000. That is less than 90% and there will be a penalty.
- The amount you paid during the tax year didn’t at least equal 100% of your taxes owed the prior year.
- Example: Your 2019 tax return showed that you had $9,000 as a total tax obligation. You paid $9,001 in withholdings in 2020. Your 2020 tax bill comes in at $20,000. There is no penalty because you paid 100% of the 2019 tax.
- The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000, after subtracting withholdings and refundable credits.
The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily.
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