Estimated Taxes

Forum|Forum|2 years ago
February 27, 2024
1 reply
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For my 2023 Estimated tax payments I paid $1800 each quarter. And I only owe $800 additional tax. Now for my 2024 Estimated Payments, Turbo Tax calculates it at $2483 each quarter. I think something is wrong with your program.

DawnC

Employee

You can go back through the estimates sections and update the estimates and vouchers for 2024. You can do this for your federal taxes and your state taxes, if applicable.

Estimate next year's federal taxes

Estimate next year's state taxes

Based on your 2023 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments:

90% of your estimated 2024 taxes
100% of your actual 2023 taxes (110% if your adjusted gross income was higher than $150,000, or $75,000 if Married Filing Separately)

There are two additional IRS-approved methods available:

100% of your estimated 2024 taxes
66 2/3% of your estimated 2024 taxes (farmers and fishermen only)

If you’d like to use one of the additional methods, answer Yes to the question Do you want to adjust your income or deduction? on the Review Your Estimates for 2024 screen. Once you review your income and deductions, you’ll have the option to select from any of the four methods.

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