Question

When I finished my 2020 taxes and downloaded to print, it gave me estimated tax vouchers for following year but I'm not sure why?

Forum|Forum|5 years ago
May 16, 2021
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TurboTax Free Edition Online

If you owed more than $1,000 in 2020, then TurboTax may have printed out estimated tax vouchers for you in order for you to avoid an underpayment penalty on your 2021 return.

Per the IRS, most taxpayers will avoid an underpayment penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

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