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Solved

Estimated Taxes 1040-ES for 2024

Forum|Forum|2 years ago
March 2, 2024
1 reply
0 views

38 years old and did an 23K IRA roll-over from a traditional IRA to a Roth during 2023. Of course, I owe tax on this conversion because my income increased by 23K this year for the conversion. Turbo Tax indicates I need to pay quarterly next year because of the 2023 income. Next year my income will be 23K less, back to the level it was in previous years. Do I have to pay quarterly estimated taxes, 1040 ES this year in 2024? My 2024 payroll tax deductions will cover my tax liability.

Best answer by VolvoGirl

No don't pay them.

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them.

VolvoGirlAnswer

Employee

No don't pay them.

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them.