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February 10, 2024
Question

Turbo Tax calculated my 2023 estimated quarterly taxes and it wasn't enough. Now I have to pay a penalty. How can I not have this happen again?

  • February 10, 2024
  • 1 reply
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    1 reply

    Hal_Al
    Employee
    February 11, 2024

    1. Do a better job of estimating your income for next year.

    2. When you discover that your estimate was off, increase you quarterly payments.

     

    TurboTax (TT) can prepare the quarterly payment vouchers. In your 2023 software, enter at:

     

    Federal Taxes or Personal (H&B version)

    -Other Tax Situations 

      -Other Tax Forms

        -Form W-4 and Estimated Taxes - Click the Start or Update button

    On the next screen answer No to the W-4 question