estimated tax payments

Forum|Forum|2 years ago
February 16, 2024
3 replies
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TT estimated what they think I should pay quarterly in 2024 based on this years income but I won't be making as much next year. Can I recalculate my estimated payment so I don't overpay by a huge amount? or do I have to pay what TT calculated and printed coupons?

Best answer by VolvoGirl

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

VolvoGirlAnswer

Employee

DawnC

Employee

Yes, you can absolutely make changes, so your 2024 vouchers are correct. Use this link for instructions, and you should enter your estimates for your 2024 income when going through the interview.

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VolvoGirl

Employee

If you want to pay some you can adjust them. You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button