Question

estimated tax payments

Forum|Forum|3 years ago
April 7, 2023
1 reply
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How do you adjust the estimated tax payments if job that is associated with them doesn't start until after the 1st quarter payment is due but TT is saying to pay in April b/c it's looking at the total for the year... but actually the income stream doesn't start coming in until after the 4/18/23 date??

thanks

AliciaP1

You can adjust the estimated tax payments however you wish, but not within TurboTax. You can skip the pre-filled forms in TurboTax and print a blank one to file with your payments from here if you want to easily change the amounts. Or, you can simply strike through the amount on the pre-printed form and change it to the amount you are paying. The estimated tax payment forms are there to help you avoid a potential underpayment penalty on next year's taxes. If you think the amount will be minimal or you are ok paying it, you don't have to make all the estimated tax payments either.

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glass_girlAuthor

Many thanks AliciaP1... so is it better to not try to estimate it in TT and just use the government forms to coincide with income at the time its coming in (per quarter)?

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PattiF

If you want to pay the quarterly estimated payments when you have begun working for your new job, then you can use the government forms and enter your own amount for what you think you will owe. The amounts in TurboTax are just a suggestion and you are definitely not required to use their amounts. If your new job starts in May, then you could pay the second quarterly estimated payment that is due in June. You will have a more precise idea of how much and when to pay once your new job begins.

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