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s3andm6
New Member

Why were TurboTax estimates for 2023 not enough?

Why we owe more than TurboTax estimates?
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1 Reply
TomK2023
Expert Alumni

Why were TurboTax estimates for 2023 not enough?

Unfortunately, calculating estimated payments for next year's taxes is just that -- an estimate.  

 

If you had an increase in salary, capital gains in investments, started a side-business, had a change in deductions or credits, etc., your income for this year may have been much higher than you estimated it would be last year.

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