Skip to main content
March 27, 2020
Question

Self employed estimated tax payments

  • March 27, 2020
  • 1 reply
  • 0 views

2020 will be the first time I have ever been self employed and need to file quarterly estimated taxes (I assume for both federal and state). I used the TurboTax premier software to complete my 2019 taxes, but I can seem to find how to use the software to calculate estimated taxes and provide the forms  with my employment and income change expected in 2020.  Can someone please provide guidance on how to get this completed in the turbotax software.  I tried reading the IRS website, but just got confused.  Thank you in advance for your help! 

    1 reply

    VolvoGirl
    March 27, 2020

    Turbo Tax will calculate the 1040ES estimated payments

    https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/00/26437

     

    You must make quarterly estimated tax payments for the current tax year if both of the following apply:

    - 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

     

    - 2. You expect your withholding and credits to be less than the smaller of:

        90% of the tax to be shown on your current year’s tax return, or

      100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

     

    Here are the blank Estimates and instructions…..

    http://www.irs.gov/pub/irs-pdf/f1040es.pdf

     

    To prepare estimates for next year you start with your current return, but be careful not to change anything.  For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

     

    You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

     

    Or Go to….

    Federal Taxes or Personal (Desktop H&B)

    Other Tax Situations

    Other Tax Forms

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