This is my first time filing quarterly taxes for a client. They supplied me with documentation for months Jan 2020 thru July 2020. So which form do I use? And am I using the ProSeries 2019 for ProSeries 2020 which I do not think is out yet?
Sorry for the late response, it is estimated prepayment taxes. All the taxpayer sent me was her spreadsheet of income, expenses for months Jan 2020 to July 11, 2020. Do I need something else from her? And when I go in ProSeries, what form am I looking for to enter her info?
Use the clients 2019 tax return to prepare 2020 estimated tax payments. You can find the Estimated tax worksheet in forms list. You may benefit from reading the IRS instructions https://www.irs.gov/pub/irs-pdf/f1040es.pdf. Taxpayer can be subject to penalties on 2020 return if estimates are required and underpaid.
Est # 1 is for income thru 3.31.xx
Est #2 is for income thru 5.31.xx
You need a new spreadsheet, unless your client wants to pay in more than is necessary at this time.
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unless your client wants to pay in more than is necessary at this time.
Plus they have the OPTION to defer 1/2 of the Social Security tax until late 2021 (or now that I think about it, is it 2022? I'll need to look that up again).
Although I'm telling my clients about it and giving them that option, I am NOT encouraging them to change their Estimated Taxes unless they really want it defer it. I foresee those who do decide to defer will have a harder time paying that deferred amount when it comes due.
Since this is your first time, you might want to learn what the IRS requires:
Especially read about Safe Harbor, too.
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