Question

1040-ES sent directly from IRS with blank estimated taxes amounts?

Forum|Forum|5 years ago
March 12, 2021
1 reply
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I e-filed my federal taxes with Turbo Tax and applied my refund to next year's taxes. Based on the 2020 estimated taxes and refund, they basically zeroed out.

With TurboTax, I have three 1040ES to pay approximately 12K in estimated taxes for 2021-- these printed out with my 2020 return.

Today, I received 1040-Vs via email from the IRS with no amount filled in (i.e. the box that says "amount of estimated tax you owe is blank, even though the rest of the info applies to me).

Can anyone explain the discrepancy and if I should be paying estimated taxes for 2021?

M

mglauner

The Estimated Tax Vouchers that TurboTax prepares are just that, 'estimated taxes'. You are not required to send that amount quarterly (you can send any amounts on any dates).

Which is why the IRS sent you vouchers with blank amounts. You can recalculate your Estimated Taxes to see if you are actually required to pay them. One way to do this is to subtract Capital Gains from your AGI and divide the balance by four.

Click this link for more info on Estimated Taxes you may find helpful.