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April 11, 2022
Question

Must I Still Pay Estimated Tax?

  • April 11, 2022
  • 1 reply
  • 0 views

I was retired but returned to work for 2021. I did not have my W4 adjusted to withhold enough to cover 2021 taxes from my work and retirement earnings. I am having to send payment for taxes for 2021. I have retired again and do not plan to work for 2022. When I submitted my tax return with TurboTax it also included IRS Forms 1040-ES, Estimated Tax Voucher.  Since I will not be working in 2022 and I always had more than enough withholdings from my retirement earnings to cover that year's taxes, am I still required to make the quarterly Estimated tax payments?

    1 reply

    ColeenD3
    April 11, 2022

    No, if the circumstances have changed and your withholding covers your liability, you no longer have to file estimated taxes.