Question

I must compute -annualized- estimated taxes each quarter. Can Turbotax do this for me? I do not want to estimate based on a previous year or do a work around.

Forum|Forum|6 years ago
January 17, 2020
2 replies
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TurboTax Self Employed Online

Employee

See this TurboTax support FAQ for estimated taxes in 2020 - https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/01/26437

J

jessica_erikAuthor

Thanks. This approach creates vouchers based on the previous year and is not annualized. I have to actually compute my estimated tax bill each quarter based on actual and current finances. Right now, I manually use worksheet 2-7 and supporting worksheets for se tax and capital gains. Can TurboTax do this for me?

DoninGA

Employee

No. You will have to use the worksheets in the IRS Form 1040-ES instructions for 2020 when they become available.

D

dmertz

Employee

You must allocate the income, deductions and credits to the four tax quarters yourself. TurboTax has no way to know the timing of the various portions of these throughout the year. Once you have determined the allocation of these amounts per quarter yourself you can enter them into TurboTax so that TurboTax will prepare Schedule AI of Form 2210.