Question

Estimating what I owe

Forum|Forum|2 years ago
August 30, 2023
2 replies
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I saw there was a form to estimate how much I owe, but is there any easy way to get an estimate. I don't want to make a mistake filling the form and face a penalty later.

CatherineR

Thanks for the question Anip.

Yes there is an easy way to estimate your taxes for the current year. Use our Tax Caster program. Here is the link:

Turbo Tax Caster

Also you can make your payments on IRS.gov under "make a payment" button.

Great job being proactive with your taxes!

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S

SwapnaM

TurboTax does have Calculators to help figuring out your estimated taxes: Please check out https://turbotax.intuit.com/tax-tools/

If you are using TurboTax for filing your 2022 tax return, then the software can also help with figuring out the estimated taxes: https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-year-federal-estimated/L9a7GqBR4_US_en_US?uid=lf71us2p

Based on your 2022 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments.

90% of your estimated 2023 taxes
100% of your actual 2022 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: