Estimated tax amount

[mtnester]

I have had to pay estimated quarterly taxes since my divorce in 2010 based on income of alimony, my part of the ex's federal retirement and royalty income from writing.  From 2011 to June 2017 I had a part-time job, but the withholding there wasn't enough.  In 2017 I started drawing social security, and I retired from the part-time job in June 2017.  But in 2018 I will no longer receive alimony, and my 2018 income will be drastically reduced from 2017.

I wonder if I should make any notation of that somewhere in order to reduce my estimated payments this year.  My state return asked for an adjusted AGI for 2018 but I didn't see that for federal.

[JulieCo · Accepted solution]

You can adjust your 2018 estimated income for your 2018 estimated tax payments in the "Other Tax Situations" section of TurboTax.

To find this section, take the following steps:

1. Within your return in TurboTax, select the "Other Tax Situations" tab (under Personal tab) at the top of the screen.  
2. Scroll down to "Other Tax Forms"  and select to START/UPDATE "Form W-4 and estimated taxes."
3. Follow the instructions on the screens for what you want to update.

See the sample screenshot attached.

[mtnester]

Thanks so much!