Question

Do I have to pre-pay taxes for 2017 if I know I won't owe more than $1000 next year?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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I filed my taxes using TurboTax and I see that there are vouchers included for pre-payment for 2017. I bought a house in late 2016 and was better off using the standard deduction and as a result, I owed over $1,000 in taxes. I know that in 2017, I will be able to deduct 12 months' worth of mortgage interest instead of one month and I will be able to itemize deductions. I'm fairly positive I'll either get a refund or I will owe less than $1,000. Is is necessary to submit a pre-payment for Tax Year 2017? The pre-payment vouchers make it seem like it's mandatory.

TurboTax Deluxe Windows

R

rainydaze

Employee

You are not required to use any of the pre-payment vouchers. They are provided by the software as a convenience. They are not generated by the IRS and the IRS is not expecting you to send them in. Turbo Tax does not notify the IRS when it creates those vouchers.