Quarterly Estimated Tax Payment Projections in Intuit Tax Advisor

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Quarterly Estimated Tax Payment Projections (QEPP) is a new feature in Intuit Tax Advisor that lets you add life events and adjust for economic changes to a baseline. It will give you a schedule of projected payments that your client needs to make to meet their estimated payment obligations.

Creating Estimated Payment Plans

If you're a ProConnect Tax user:

1. You can directly start in Intuit Tax Advisor
2. On the welcome screen in, you'll see a card titled Estimated Tax Payment Plan. 
3. Select Get started on the Estimated Tax Payment Plan card. This will take you to the client selection screen.
4. Proceed with the Common steps.

If you're a Lacerte user:

1. Find the client you want to do Estimated Tax Payment Projections for in Lacerte, and under the Intuit Tax Advisor column, select Create Plan.
2. A window will pop up, and the program will complete a few essential checks for your client.
3. After the verifications are complete, Intuit Tax Advisor will open in your browser.
4. Proceed with the Common steps.

Common Steps:

You can choose to keep the auto-calc on the top right turned off to prevent Intuit Tax Advisor from recalculating after every change. If you do this, remember to select calculate after you've made all your desired changes. 

1. Select the Estimated tax payment plan option (the other option is Tax planning)
2. From the dropdown, select the client you want to create an Estimated tax payment plan for. Then select the base year and the tax return that was last filed for the client.
3. Select Start, and you'll be taken to the Adjustments screen where you will see the 2023 return brought in under 2023 actual.
4. Make adjustments to reflect client’s economic situation in the column titled 2024 baseline.
5. When you're ready to review and update estimated tax payments, select Go to payments. This shortcut takes you into the Payments section.
6. In the Payment section, you can see projected tax payments for each quarter. These values are computed based on the total liability. The values in the input field are taken from ES voucher values. You can change them to show what you want the client to pay, or what they already paid.
7. After adding a value in the input field, remember to set the state:
   • Paid
   • Not Paid
   • Planned (could be used when you don't know the status of the payment)
8. Watch for Remaining tax payment and Underpayment penalty fields in case planned estimated tax payment value is less than the recommended one. Update status of estimated tax payment for each quarter.
9. After you're done with planning, select the Client report tab to view a schedule of both Federal and State payments, all in one place.
10. Customize the report and it's ready to be shared with your client.