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I have crypto gains in Q1 of 2021 and need to file estimated quarterly taxes today. How do I do this with TurboTax since its for the following tax year?

Forum|Forum|5 years ago
April 15, 2021
3 replies
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I just filed with TurboTax Premier 2020 but dont see where I can file estimated taxes for 2021 or buy a 2021 product.

TurboTax Online

Best answer by JohnB5677

You certainly can prepare and file 2021 estimated taxes with TurboTax, but you have a profit now. You may not have a profit in the future. TurboTax prepares estimated taxes based on what the future will look like.

I suggest you use the IRS website to make your payments. To start with you can pay 20% of your net profit as an estimated tax.

Here are estimated tax payment options available at the IRS Payment website:

IRS Direct Pay from your checking or savings account
Pay online or by phone using the Electronic Federal Tax Payment System (EFTPS)
Electronic Funds Withdrawal (EFW), only available during e-filing
Same-day wire transfer from your bank
Cash payment at a retail partner

How do I make estimated tax payments? (intuit.com)

If you do want to do estimated taxes in TurboTax:

The Estimated tax numbers are posted to:

Deductions & Credits
Estimates and Other Taxes Paid
Estimated Tax Payments
Federal estimated taxes for 2020 (Form 1040ES)

JohnB5677Answer

You certainly can prepare and file 2021 estimated taxes with TurboTax, but you have a profit now. You may not have a profit in the future. TurboTax prepares estimated taxes based on what the future will look like.

I suggest you use the IRS website to make your payments. To start with you can pay 20% of your net profit as an estimated tax.

Here are estimated tax payment options available at the IRS Payment website:

IRS Direct Pay from your checking or savings account
Pay online or by phone using the Electronic Federal Tax Payment System (EFTPS)
Electronic Funds Withdrawal (EFW), only available during e-filing
Same-day wire transfer from your bank
Cash payment at a retail partner

How do I make estimated tax payments? (intuit.com)

If you do want to do estimated taxes in TurboTax:

The Estimated tax numbers are posted to:

Deductions & Credits
Estimates and Other Taxes Paid
Estimated Tax Payments
Federal estimated taxes for 2020 (Form 1040ES)

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C

CHOT

TurboTax does not provide for filing estimated tax. However, Premier 2020 would have given you 2021 estimated tax forms as part of your final tax package, if it suspected you needed them based on your 2020 tax situation. Go to irs.gov and download 2021 Form 1040-ES and its instructions, complete the form, and mail it with your payment to the IRS location provided in the instructions.

J

jeremycoenenAuthor

yeah I definitely would not have needed them in 2020 so TurboTax Premier did not give me anything for 2021 as I had no other outside income in 2020, just Q1 2021 resulted in my first short term crypto sales that resulted in significant gains.