Question

Filing Q1 taxes for 2021 investment income. I've tried the premier and self-employed of TurboTax, and neither of them give me an option to file quarterly taxes for 2021.

Forum|Forum|5 years ago
April 1, 2021
2 replies
0 views

It keeps forcing me to file 2020 taxes, which I've already done. Is filing quarterly taxes even possible on this platform. Tried customer service and they hung up on me.

TurboTax Live Self Employed

J

JoannaB2

Yes, you can make your quarterly payment/s directly to the IRS website. For future payment/s, you may also enroll with EFTPS (Electionic Federal Tax Payments System), and it will take up to 5 business days to process. Please click here to sign up.

[EDITED 4/1/2021 @ 4:41 PM]

N

nwrodman-gmail-cAuthor

Thank you for your response.

However, these are not taxes withheld by an employer. There are taxes on investments made through brokerage accounts. So I believe these would be 1099.

B

BillM223

Joanna was not implying that these were withholdings like for an employer. Instead she is pointing that you can make estimated tax payment online (if you like) by going to the IRS link she shared.

There are many types of payments you can make here (see this IRS webpage for types of payments), so it is easily possible to make your 1040-ES estimated tax payments here.

To be clear, you can't make the actual payments for 1040-ES through TurboTax. If you have a large shortfall in tax in one year (common enough with a lot of investment sales) then TurboTax will print four 1040-ES forms (one for each quarter) that you can use for the following year - but you have to mail the form in or use the online service.

Make sense?

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VolvoGirl

Employee

To prepare estimates for next year you start with your current return, but be careful not to change anything. If you can't get back into your return, Click on Add a State to let you back into your retun.

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

See,

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf