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May 14, 2021
Question

How do I report estimated taxes for 2 different businesses inside Home and Business?

  • May 14, 2021
  • 2 replies
  • 0 views

In 2020 I paid estimated taxes for both my sole proprietorship (now phased out) and my LLC. Estimated taxes for each were paid separately from the business's respective bank accounts.

 

What is the right way to report these payments inside Home and Business?

Since the IRS received separate payments for the 2 businesses, should I add them manually so the numbers match the IRS records? 

 

Thanks!

2 replies

May 15, 2021

Since the payments were ultimately paid toward your personal income taxes, you can add the amounts together and enter a total quarterly payment, or you can enter them separately.  Either way, the total estimated payments made will be added together and included on your Form 1040.  The screen where you enter estimated payments will allow you to enter four quarterly payments, or include additional payments as well so that you can enter each one on its own if you wish.

 

Use the following steps to get started:  

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “estimated tax payments” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to estimated tax payments
  • Click on the blue “Jump to estimated tax payments” link
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VolvoGirl
Employee
May 15, 2021

I made you a screen shot.  You can enter them all individually if you want or if they are on different dates.

 

May 17, 2021

Thanks for the great insights and replies!

To be sure the IRS can match amounts paid exactly, I input each additional payment amount and date.

All done and return efiled!