Question

I owe IRS 1005 for 2019 Do I really have to make estimated tax payments?

Forum|Forum|6 years ago
April 13, 2020
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TurboTax Deluxe Online

Employee

The estimated payments are for the current year 2020. If you owe tax for the current tax season, TurboTax will often decide that you need to make estimated payments for the following year. The calculation is not always accurate and if you know that your situation will be different and that you will not owe next year, you don’t need to make those estimated payments. However, if you also owe more than $1000 the next tax season, you could be assessed a penalty by the IRS if you don’t make estimated payments to reduce the amount you owe at the end of the year.