Question

Question about estimated taxes paid

Forum|Forum|5 years ago
March 18, 2021
3 replies
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I am using the Turbo Tax CD and have a question about the estimated taxes already paid to the IRS. Do I include the self employment portion as well as the income tax portion or just the income tax portion paid. For example, I maid an estimated tax payment of $2200. $1500 of it went towards my self employment tax portion. $700 was for income tax (numbers are made up). Do I input the total amount of $2200 or just the $700 portion

TurboTax Home & Biz Windows

H

HelenC12

Enter the $2,200 which includes income, Social Security (SS) and Medicare taxes. Your estimated tax payment is comprised of all three of these taxes.

Taxes, (federal, state, SS, and Medicare), are pay-as-you-go. You must pay the tax as you earn or receive income during the year.

In general, you may owe the penalty for 2020 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:

90% of your 2020 tax, or
100% of your 2019 tax. Your 2019 tax return must cover a 12-month period.

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SteamTrain

Employee

IF you made any quarterly estimated tax payments, you only enter the total paid in the tax software. Mae sure you enter the exact dates you paid...don't use the default payment dates provided unless you truly paid on that deadline date.

The 2020 tax forms you are preparing, will calculate the SE tax assessed, and the Personal income taxes assessed separately, but in the end the total assessed for each are combined in one total tax bill, and any pre-payments are used as a credit against the total assessed.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

VolvoGirl

Employee

Your self employment on schedule C is included in your personal return. The SE tax is added on to your regular income tax. The estimated payment is not broken out. It covers all your tax due. Enter the whole amount you paid.