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How does TurboTax calculate my estimated tax payments?

by TurboTax Updated 1 week ago

Based on your 2023 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments.

  • 90% of your estimated 2024 taxes
  • 100% of your actual 2023 taxes (110% if your adjusted gross income was higher than $150,000, or $75,000 if Married Filing Separately)

There are two additional IRS-approved methods available:

  • 100% of your estimated 2024 taxes
  • 66 2/3% of your estimated 2024 taxes (farmers and fishermen only)

If you’d like to use one of the additional methods, answer Yes to the question Do you want to adjust your income or deduction? on the Review Your Estimates for 2024 screen. Once you review your income and deductions, you’ll have the option to select from any of the four methods.

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