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March 13, 2024
Question

Tax prepayments made during year

  • March 13, 2024
  • 1 reply
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We made quarterly tax pre-payments during 2023 totaling $3,500.  Where does this get reported when filing taxes?  Is there a specific line to report this or is it included in the withholding section?  Let me know.  Thanks

 

    1 reply

    March 13, 2024

    These prepayments are called estimated tax payments.

     

    Your estimated tax payments will serve as a credit against your Federal tax liability and have to be entered on your tax return.

     

    In TurboTax Online, you can enter estimated taxes you paid by following these steps:

    1. Open your tax return
    2. Click on Federal in the left-hand column, then Deductions & Credits 
    3. Locate the section named Estimates and Other Taxes Paid and click on the arrow on the right 
    4. Click on Start next to Estimated Tax Payments
    5. On the next page, click Start next to Federal estimated taxes for 2023 (form 1040ES)
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