I’m using 1040.com to file my taxes and for example BEFORE inputting that I paid estimated taxes, I owed $3000. When I input that I paid estimated taxes, my taxes owed remains unchanged. Is that not how it works?
(I had to start paying estimated taxes because I became a shareholder of an S corp.)
> I was under the assumption paying estimated taxes ahead of time will affect your taxes due upon filing?
Your assumption is correct. If your tax liability is $4,000 (Form 1040 line 24) and you’ve paid $3000 (Form 1040 line 33), you only need to pay $1,000 (Form 1040 line 37) by 4/18.
> When I input that I paid estimated taxes, my taxes owed remains unchanged.
This is a software specific problem. Ask customer service.
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