Question

Forum|Forum|5 years ago
March 20, 2021
1 reply
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I used 1040-V form paid estimated tax. But there is no where I can put them when I using TurboTax, and it shows me penalties. How do I avoid the penalty?

VolvoGirl

Employee

What? A 1040 V is the voucher to pay a Tax Due. Not for estimated taxes. Did you send in some quarterly 1040ES estimated payments? If you sent in an estimated payment with a 1040V I don't know how they will apply it to your IRS account.

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to

Federal on left or at top. Personal (Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated Taxes - click the Start or Update button

You enter state estimated payments under the federal side (because they can be a federal itemized Deduction). THEN after you finish filling out the estimates under Federal you need to click on the State Tab at the top and start the state return over for it to update.