Question

How do I figure my estimated federal tax for next year?

Forum|Forum|2 years ago
February 10, 2024
1 reply
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TurboTax Deluxe Online

Employee

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

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MonikaK1

In addition to reviewing the TurboTax tips article referenced by @ee44_2-aa, there are several options from which to choose to calculate estimated taxes. There are tools in TurboTax that you can use:

You can choose to prepare new estimated tax vouchers in TurboTax if you want to pay a higher amount quarterly, even if the amount you are already planning to pay is enough to avoid a penalty for 2024. Go to Other Tax Situations, Other Tax Forms, Form W-4 and Estimated Taxes.

You can also plan estimated payments to your state using TurboTax. See this article for details.

You can use the TaxCaster Tax Calculator tool online outside the TurboTax program to prepare estimates.

For wages, pensions, or other recurring payments, you can use the IRS tax withholding estimator.

@willardbates76

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PL-VT

@MonikaK1 Thank you for your detailed descriptions to where to plan for next year's taxes as I missed the option to do so while working on this years taxes and was failing at finding it on my own. Your info was perfect!