Question

Estimated Payments and applied refund

Forum|Forum|5 years ago
April 8, 2021
3 replies
0 views

After using TurboTax, and looking at the preview of the return, --for the estimated payments it shows only one payment, due on April 15. It appears to be the total amount of the estimated tax due. The corresponding forms show dates for quarterly payments but I do not see any amount filled in for any payment.

Why is this? What is wrong? How do I get it to correct? Also, I have a portion of my refund being applied to estimated taxes but I cannot determine from that total amount shown whether that applied amount has been deducted from the estimated tax due. How can I know for sure that the estimated tax is lowered by this applied amount?

E

ErnieS0

You may only need to make one estimated payment if you chose to have your 2020 refund applied to your 2021 tax. You will not have a penalty if your tax payments for next year total 100% of your 2021 liability so your refund applied/estimated payment may be based on that number.

To review your estimated taxes and amount of refund applied:

Type W-4 in Search in the upper right
Select Jump to W-4
Skip the screen Adjust How Much Tax You Pay by saying NO to Do you want to change your W-4 withholdings for 2021
Say Prepare Now to Estimated Taxes for 2021
Say Yes to Review Your Estimates for 2021
Keep going until you reach Enter Payments You Expect to Make
Verify Federal Income Tax Your Expect to Have Withheld. The Payment Made boxes should be blank
Choose your method (usually 100% (or 110%) of your actual 2020 federal taxes
Keep going until you see Print Vouchers? Say YES.

This should bring you back to Other Tax Situations.

Scroll down to Additional Tax Payments
Click Show More
Start/Revisit Apply Refund to Next Year
On Get Your Refund Now or Apply It to Next Year's Taxes choose Apply all or part of it toward next year’s tax bill
On Apply How Much? choose the amount to apply

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

J

jean parks

How do I change my entire refund to be applied to my estimated tax?

DoninGA

Employee

@jean parks wrote:

How do I change my entire refund to be applied to my estimated tax?

To add, change or delete a current year federal tax refund to next year's taxes before you file your tax return -

Click on Federal Taxes (Personal using Home and Business)
Click on Other Tax Situations
Under Additional Tax Payments
On Apply Refund to Next Year, click on the start or update button

Or enter apply federal refund to next year in the Search box located in the upper right of the program screen. Click on Jump to apply federal refund to next year

The amount applied to next years taxes will be shown on Form 1040 Line 36

J

jean parks

I want to apply the entire overpayment to my estimated tax for 2021. I know that I am going to owe more taxes for 2021