Estimated taxes.

Forum|Forum|1 year ago
February 23, 2025
1 reply
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Hello,

I paid estimated taxes in 2024 for the year but after going through Turbo Tax, I still owe a large sum that will mean I will likely incur a penalty. How do I increase the estimated quarterly tax amount for 2025 so I won't have this happen again? Thanks,

Best answer by MindyB

There are several ways to do this. You can either directly increase the payments online at eftps.gov (no voucher needed); change the vouchers you printed manually; print vouchers and fill in as desired from the IRS 1040-ES; or update in TurboTax and reprint.

Here is how to update in TurboTax Online:

Navigate to Federal Taxes > Other Tax Situations
Go to Other Tax Forms
Start or Revisit Form W-4 and Estimated Taxes
Continue past the W-4 section to get the estimated tax section, Estimated Taxes for 2025
You will be asked if you want to adjust your income or deductions, answer yes, and manipulate the answers to increase your tax (in other words, estimate up income and/or down expenses)

MindyBAnswer

Here is how to update in TurboTax Online:

Navigate to Federal Taxes > Other Tax Situations
Go to Other Tax Forms
Start or Revisit Form W-4 and Estimated Taxes
Continue past the W-4 section to get the estimated tax section, Estimated Taxes for 2025
You will be asked if you want to adjust your income or deductions, answer yes, and manipulate the answers to increase your tax (in other words, estimate up income and/or down expenses)