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peachez022
Level 1

Estimated taxes 2019 and 2020

I am newer to quick books.   I paid my last quarterly payment for 2019 in Jan of 2020.  The payment I made in 2020 is going towards my 2020 quarterly's not 2019.  How do I change this so the amount due is correct for 2020? 

1 Comment
ChristieAnn
QuickBooks Team

Estimated taxes 2019 and 2020

Hi there, peachez022.

 

I suggest deleting and recording the payment and make sure to select the correct date. This way, you're able to change the amount that was paid on Jan 2020 for quarterly payment for 2019.

 

Here's how to delete the tax payment: 

 

  1. Go to the Transaction page.
  2. Select the tax payment transaction.
  3. Tick Delete.
  4. Tap Yes to confirm.

 

Then, you can now follow the steps below on how you can record the payment.

 

  1. Click Taxes from the left menu. 
  2. Set the year. 
  3. Select the Quarterly tab. 
  4. Choose the quarter you want to mark the tax payment for.
  5. Click Find your estimated tax payments beside Don't see your payment?
  6. Check off the tax payment.
  7. Hit Mark as tax payment.

 

You can also pay the taxes electronically by going directly to eftps.gov or within QuickBooks Self-Employed. For detailed steps, see the Make payments online section through this article: Estimated Taxes.

 

Your estimated taxes will appear on the Tax Summary and Tax Details reports. To learn more about this, see the Estimated taxes section through this article: QBSE Schedule C Categories Breakdown. This link provides you more information on where the other accounts will appear on various reports in the software.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

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