Can TurboTax software calculate estimated tax payments?


Quick Answer

According to the TurboTax website, users can use their software to help calculate estimated tax payments. To do so, the previous year's tax return and record of any estimated tax payments made for that year are needed.

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Full Answer

The website dedicates an entire page to estimated tax payments, which should help users determine when and how much to pay. TurboTax explains that users may owe estimated taxes if they received income not subject to withholding; income that falls into that category includes interest income, dividends, earnings from a business and alimony. TurboTax also offers information on the rules of paying your taxes as you go versus waiting and being subject to underpayment penalties.

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