Question

Estimated Taxes 2022

Forum|Forum|4 years ago
March 11, 2022
1 reply
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On the ES & W4 Wks there is no entry for rental income or expenses which go on Schedule E.

It seems the calculation for estimated taxes 2022 is done without this data. I have rental income, expenses and passive activity allowed losses (form 8582). This results in a significant negative income adjustment on the 1040 line 8 and a lower AGI when compared with the ES & W4 Wks. Doesn't that mean the calculated estimated taxes 2022 are too high?

T

ThomasM125

What you describe is true. However, when you go though the estimated tax routine in TurboTax, there is a screen where you are instructed to enter Other Income. You should enter your allowed rental loss as a negative number there, so your estimated taxes can be calculated more accurately.

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