Does TurboTax have quarterly capital gain calculation and 1040-ES filing feature?

Forum|Forum|3 years ago
March 29, 2023
1 reply
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I sold some stocks in the first quarter, and made both short and long term capital gains. Can TurboTax help me calculating the quarterly estimated tax payment?

thx

Steve

TurboTax Self Employed Online

Best answer by VolvoGirl

To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2022, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

Search by typing in W4. Hit the Enter or Return key to get the Jump to w4 link to show up. Go to the W4 page and it will ask if you want to Change your W4. Click on NO. The next page will start the Estimates.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

VolvoGirlAnswer

Employee

To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Steve LeaAuthor

Hi Volvo Girl,

Thank you very much for your great help.

I put in some quick numbers, and the tax is about $1,000 for my first quarter's capital gain. TurboTax shows 4 estimated quarter tax payment of $250. Should I pay the total $1,000 by April 15, or pay $250 quarterly?

many thx

Steve

MAK70

Technically you want to pay it all in the first quarter if that us when the income is received. However, you may avoid the Underpayment of Estimated Tax by Individuals Penalty if:

Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.

See Tips for Paying Estimated Taxes - TurboTax.

@Steve Lea