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Established Member

How can I generate the quarterly estimated taxes (1040es) numbers?

 
4 Comments
QuickBooks Team

Re: How can I generate the quarterly estimated taxes (1040es) numbers?

Hi there, marlon-lorenia.

 

The quarterly estimated taxes (1040es) is not supported in QuickBooks Online. Instead, you can subscribe to QuickBooks Self-Employed where this option is available.

 

You can check these articles for more information:

Please keep me posted if you need anything else. Thanks.

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BRC
Established Community Backer ***

Re: How can I generate the quarterly estimated taxes (1040es) numbers?

Use TurboTax or the worksheets from the IRS to calculate the amounts to pay.

Established Community Backer ***

Re: How can I generate the quarterly estimated taxes (1040es) numbers?

@marlon-lorenia 

Only maybe needs to be done if you expect your net income to decrease vs. last year. 

If your net income will be more than last year then just take last year's tax and divide by 4  (add on 10% if your income was more than $150k last year).  There will be no penalty, but you may get hit with a big tax bill on 4/15.

Can't go wrong to use this method regardless of whether your income will be more or less than last year.

If your net income will be more than last year, and you don't want to get hit with a big tax bill on 4/15, then estimate your net income for the year, and go to a website that calculates tax, and divide that by 4.   Don't forget to add on the 15.3% federal self-employment tax.  Repeat for state.  

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Re: How can I generate the quarterly estimated taxes (1040es) numbers?


@RenjolynC wrote:

 

The quarterly estimated taxes (1040es) is not supported in QuickBooks Online. Instead, you can subscribe to QuickBooks Self-Employed where this option is available.

 


Ludicrous advice