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February 6, 2021
Question

No credit for paying extimated tax

  • February 6, 2021
  • 1 reply
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I am filling out my KY state income tax forms, but there is no place to take credit for paying $1000.00 in estimated taxes. Form shows I owe $960.00 in taxes and underpayment fines, when there should be a refund of $40.00. How do I get the tax credit entered?

    1 reply

    February 6, 2021

    State estimated taxes paid are entered as part of your Federal return and then transferred to the state return.  The reason for this is that the state estimated payments are included as a possible Federal tax deduction on Schedule A, itemized deductions.

     

    Use the following steps to go to the section of your return to enter your KY state estimated payments:

     

    Use the following steps to go to the section of TurboTax to enter the state estimated tax payments that you made:

    • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
    • This opens a box where you can type in “estimated tax payments” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
    • The search results will give you an option to “Jump to estimated tax payments
    • Click on the blue “Jump to estimated tax payments” link
    • Click Start beside State Estimated Taxes for 2020 to enter your information 

    The amounts entered will be carried to your state tax return and applied toward your taxes.  

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