How to File Estimated Taxes With Turbo Tax

How to File Estimated Taxes With Turbo Tax
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You must pay estimated taxes to the Internal Revenue Service every quarter if you receive income not subject to withholding, such as capital gains, dividends, bank interest or self-employment income. You cannot finish your estimated tax filing with Turbo Tax, but you can use the software to generate Form 1040 ES and calculate the amount you owe. You must then mail the form and your payment to the IRS or submit your payment electronically through the Electronic Federal Tax Payment System.

Who Must File

Estimated taxes only are required if you expect to owe more than $1,000 for the year after subtracting your tax withholding. You are exempt from paying estimated taxes in the next quarter if your tax withholdings plus the estimated tax payments already made are expected to cover 90 percent of your tax liability at the end of the year.

Form 1040 ES

To create Form 1040 ES in Turbo Tax, click "Federal Taxes" and select "Other Tax Situations." Scroll down until you see the "Other Tax Forms" option and select "Start" or "Update" when you see "Form W-4 and Estimated Taxes." You will be prompted to enter your expected income for the year, estimated deductions, tax credits and withholdings. Save and print the form so you can send it to the IRS along with your payments.