Estimated Tax Calculation Options

Forum|Forum|3 years ago
March 13, 2023
2 replies
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TTax has a form called Estimated Tax Options. I want to use the option "100% of Tax on Your 2023 Estimated Taxable Income" but the worksheet seems to be a calculated number. I click on it but no worksheet comes up. How can I get the worksheet to calculate "100% of Tax on Your 2023 Estimated Taxable Income" and have TTax output the quarterly estimated tax payment vouchers?

TurboTax Home & Biz Windows

Best answer by MichaelG81

Yes, you can do your estimated taxes for next year, if you are at risk of paying estimated taxes sometimes the form pops up automatically if not, follow these steps to populate the form for next years estimated tax payments; also outline below:

When you prepare your 2022 return, we'll automatically calculate your 2023 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year.

You can also calculate your 2023 estimated taxes and generate the payment vouchers by doing this in Step-by-Step mode:

With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
Answer No to the question Do you want to change your W-4 withholdings for 2023?
Answer the questions about things like your 2023 filing status, income, and deductions
Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later

@davidmloch

firstchillzilla

At the bottom of that page, there's a quick zoom for the Estimated Taxes and Form W-4 worksheet. On that worksheet, you'll see columns for 2022 actual and 2023 Expected. Fill in your expected numbers for 2023 and the sheet will calculate the estimated taxes.

MichaelG81Answer

When you prepare your 2022 return, we'll automatically calculate your 2023 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year.

You can also calculate your 2023 estimated taxes and generate the payment vouchers by doing this in Step-by-Step mode:

With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
Answer No to the question Do you want to change your W-4 withholdings for 2023?
Answer the questions about things like your 2023 filing status, income, and deductions
Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later

@davidmloch

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zapyoo

Follow up question on Estimated Tax Options for my State Taxes:

I am a new resident to Arizona and am filing Part-Year State form for 2022 and have $0 taxes due. I am retired and will have no earned income and no tax withholdings. I have paid estimated federal and state taxes since I retired.

I am presented with four options for Arizona 2023 estimated taxes:

100% of actual 2022 tax ($0)
100% of 2023 estimated tax ($blah)
90% of 2023 estimated tax (90% of $blah)
No estimates

Options 1 and 4 result in no estimated tax payments.

Can I "get away" with not paying AZ 2023 estimated taxes (without penalty or interest) because I just happen to have a $0 tax starting year in 2022?

HopeS

You must make estimated payments for Arizona income tax purposes if your Arizona gross income for both the prior year and the current taxable year exceeds $75,000 ($150,000 for married taxpayers filing a joint return). If you have enough taxes withheld from retirement funds, you are fine and don't need to file estimated tax payments in Arizona.

Since you had no tax due in 2022, it appears you had sufficient withholding tax and therefore would not need to send estimated tax payment for 2023 if your tax situation remains similar to 2022.

See the link below for Arizona for more information:

Estimated Tax Payment Form

@zapyoo

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