Question

MD State return e-filed via TurboTax included form PV projecting to make 4 payments in 2020. Prefer only pay one sum IF actually owe next year. Safe to skip quarterly?

Forum|Forum|6 years ago
March 7, 2020
1 reply
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Concerned to see that TurboTax submitted "Form PV" with MD state return projecting me to make quarterly payments of $211 over next year. My employer takes taxes out of my pay check and I only owed $56 this year and if I owe next year I will just pay the full amount at tax time. I am concerned that if I don't pay quarterly as projected that I will get in trouble somehow? I believe it to be an error or gross oversight by TurboTax to include these forms without additional explanation added, I have been freaking out thinking I'm going to be penalized if I don't make these payments quarterly as TurboTax said I would (without my consent I might add). Should my return be amended to remove the PV forms? As far as I can tell my situation does not call for them and I'm afraid TurboTax is going to get me in trouble or fined by my State if I wait until tax time next year to see what I owe. Loyal TurboTax customer for 9 years now but this has me shaken.

TurboTax Deluxe Online

M

MAK70

Yes, the Estimated Tax Vouchers are prepared so you can avoid the underpayment penalty based on this year's state tax due- they have not been sent to the state so if you expect your income to change or with withhold from other sources, you can adjust or disregard them.