quarterly payments

Forum|Forum|2 years ago
March 21, 2024
3 replies
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I made quarterly payments for year 2023. I also had withholding on my RMD so I am scheduled to get a refund on my taxes filed with Turbotax 1 week ago. Turbotax made no notice that I would need to pay quarterly payments for 2024. Today(1 week after filing), I received from the IRS payment forms for quarterly payments with a complicated form that purports to explain why they sent them. My question is: Can I just ignore this since I received a refund(about 1/2 of what I paid in). Do I need to do something or should I? I am confused why the IRS sent this and Turbotax said nothing. Thank you.

Best answer by KrisD15

No, you don't need to do anything about this.

Estimated tax payments are always "suggested" they are never mandatory.

TurboTax probably did not say anything since you are getting a refund for tax year 2023.

If someone SHOULD make estimated payments and don't, they might regret it if they owe a penalty on top of tax the following year.

Since you received a refund for tax year 2023, you would have no penalty for tax year 2024.

The IRS might think they are doing you a favor by sending you the vouchers, and you might still want to make estimated payments for some reason, but you are not obligated.

KrisD15Answer

No, you don't need to do anything about this.

Estimated tax payments are always "suggested" they are never mandatory.

TurboTax probably did not say anything since you are getting a refund for tax year 2023.

If someone SHOULD make estimated payments and don't, they might regret it if they owe a penalty on top of tax the following year.

Since you received a refund for tax year 2023, you would have no penalty for tax year 2024.

The IRS might think they are doing you a favor by sending you the vouchers, and you might still want to make estimated payments for some reason, but you are not obligated.

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VolvoGirl

Employee

They just automatically send them if you paid estimates the year before. You don't need to use them. They are optional.

Mike9241

put another way, you don't have to pay estimates if withholding covers either 90% of your 2024 tax or 100% of your 2023 tax (it would 110% of your 2023 tax if your 2023 adjusted gross income was over $150,000