Solved

E-file estimated taxes

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

I just e-filed my federal return. I owe just over $1,000 and thus TurboTax prompted me to send in estimated taxes in the future. Did form 1040es also get sent to the IRS? If so, does that obligate me to send it estimated taxes this year? Also, why are the estimated taxes over $4k when I only owed $1k for last year. Thank you

TurboTax Deluxe Windows

Best answer by TomD8

The 1040-ES vouchers are printed as a convenience for those taxpayers who wish to make estimated tax payments and who plan to mail in their payments. TurboTax itself does not send them to the IRS. Payment of estimated taxes is not obligatory. People pay estimated taxes who have no taxes withheld from their income (example: self-employed) or when they believe their withheld taxes are not going to be sufficient to avoid an underpayment penalty.

This IRS reference gives detailed information: https://www.irs.gov/newsroom/avoid-penalty-for-underpayment-of-taxes-irs-says-check-withholding-make-estimated-payments

T

TomD8Answer

Employee

The 1040-ES vouchers are printed as a convenience for those taxpayers who wish to make estimated tax payments and who plan to mail in their payments. TurboTax itself does not send them to the IRS. Payment of estimated taxes is not obligatory. People pay estimated taxes who have no taxes withheld from their income (example: self-employed) or when they believe their withheld taxes are not going to be sufficient to avoid an underpayment penalty.

This IRS reference gives detailed information: https://www.irs.gov/newsroom/avoid-penalty-for-underpayment-of-taxes-irs-says-check-withholding-make-estimated-payments

**Answers are correct to the best of my ability but do not constitute tax or legal advice.