Quarterly Withholding

[Retiremike]

I have used Turbo Tax for many years.  My wife works as independent contractor (1099)  we have always managed both our withholdings through my employer.  I retired first quarter of 2023 and am drawing a small pension with federal tax withholdings.  I do not believe my first quarter withholdings and pension withholding will cover our total tax liability for 2023 and I would like to make quarterly payments in October and January (I believe those are correct).  Otherwise we will only have withheld 50-60% of what I think we owe.  Does Turbo Tax have a way to estimate my taxes and quarterly payments and instructions to do so?

[rschule1]

The Turbo Tax – Tax Caster app is a helpful application to estimate future taxes. See link below:

TaxCaster

[marctu]

Hello @Retiremike, and thank you for the question.  I am assuming that you used Turbo Tax Online based upon what you wrote in your question.   When I am assisting Turbo Tax Live customers, I have them go into the interview and go first open the Federal Interview; then go to Other Tax Situations; once there then go to Other Tax Forms, and then finally go to Form W-4 and Estimated Taxes.  You can then adjust your income and deductions for estimated taxes as well as adjust the tax withholding. 

To start this you can Add a State to your 2022 tax filing in the Tax Returns and Documents area of the home page you are looking at.  You will not actually be adding a state, but just opening the interview.

**Say "Thanks" by clicking the thumbs up icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

[Retiremike]

You are correct I have used TurboTax online.  i do not know where to find the interview and Federal interview you described in your response.

[marctu]

So this would probably be easier if we were on the phone or in a chat, but let me give it a shot. 

This answer assumes you have filed.  From the Home Page, go to the the Tax Returns and Documents area near the bottom.   On the 2022 tab choose to Add a State, which is below your Federal and State filings on the left side of the screen.   You will not actually be adding a state, but just opening the Turbo Tax questions and answers that you previously completed, which is referred to as the interview.  

So at that point, you go under the Federal as opposed to the Personal or State areas.   Then under Federal, go to Other Tax Situations; once there then go to Other Tax Forms, and then finally go to Form W-4 and Estimated Taxes.  

[Retiremike]

Bingo.  Thanks for your patience.

[marctu]

My pleasure.  I am glad I resolved your issue.   Remember to:

**Say "Thanks" by clicking the thumbs up icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"