What are the 4 next year's 1040-ES payment vouchers for?

Forum|Forum|4 years ago
March 6, 2022
4 replies
0 views

I have filed my tax return for 2021. I have $258 federal tax due. I have provided my bank info so that the amount can be directly paid from my bank. I have a sufficient balance in my account as well. But I found there are 4 payment vouchers 1040-ES each with an amount of $800. What are these vouchers for? My understanding is these are for my next year's tax returns. What if I'm overpaying for next year? Is there a way to not include this in my current tax return?

TurboTax Premier Online

Best answer by VolvoGirl

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. 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. You might want to adjust your withholding at work so you won't owe too much next year.

ee-ea

Employee

If you are paying enough in advacne to avoid penalties for 2022 taxes toss the 1040-ES

LenaH

When you prepare your 2021 return, TurboTax automatically calculates your 2022 estimated tax payments and prepares 1040-ES vouchers if the program thinks you may be at risk for an underpayment penalty next year.

For 2022, you would have to pay an underpayment penalty if you owe more than $1,000 in taxes (after taking withholding into account) and:

* Your taxes withheld don't cover at least 90% of your 2022 tax liability, or

* Your taxes withheld aren't at least 100% of the tax shown on your 2021 tax return. Your 2021 tax return must cover all 12 months.

The estimate forms (1040-ES) do not get e-filed with your return. If you do not want to pay the estimates, you are under no obligation to. It is just a suggestion based on an estimate for the 2022 tax year.

@aabidhasan

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

VolvoGirlAnswer

Employee

MuHu

I received 2 letters from the irs and one was by certified mail. They said we owe $5300. I made $3660 with 3 payments using those ES vouchers. I thought they were for repayments for what we owe for 2022. Now we owe $400 in interest. The payments are for next year's taxes. I didn't want to pay for 2023 ahead of time!! Hope we can resolve this. These vouchers shouldn't be part of the tax return. They are confusing. I almost had my home put on a levy. Very irritating!!!