I want to process 1040-ES and pay taxes on Q4 IRA withdrawal

Forum|Forum|1 year ago
January 1, 2025
2 replies
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I did not have any other withdrawals in the year so this did not become a need till Q4. All I see in Turbotax is estimating tax payments for 2025.

DoninGA

Employee

Go to this IRS payment website to pay a Q4 2024 estimated tax payment - https://www.irs.gov/payments

bill-linton-nowAuthor

This appears to be where to pay. I was looking for where to fill out the form and calculate what to pay. Is this available from within Turbotax?

DoninGA

Employee

The Form 1040-ES for Q4 2024 will not be in the 2024 desktop edition. It will only have the 1040-ES forms for tax year 2025.

Go to this IRS website for Form 1040-ES for tax year 2024 - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

VolvoGirl

Employee

@bill-linton-now Wasn't there tax withholding taken out of the IRA withdraw? If you want to calculate the 4th qtr estimated payment you can either fill out all your 2024 return and see how much you would owe overall or use the 2023 Desktop program (and open your 2023 return) to calculate the 2024 estimates.

Or just send in an estimated amount like 20% or more for federal. And don't forget state estimate.