Estimated taxes

Forum|Forum|3 years ago
March 2, 2023
1 reply
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I closed on the sale of a rental property in mid Dec. I just paid my taxes which included a sizable amount based on capital gains from the sale. Once filed, turbotax generated estimated tax vouchers based on our total income for 2022. Thus the amount of estimated 2023 taxes is high since we will not have any capital gains for this year. Do I just ignore paying the estimated taxes or is there a form I can provide to the IRS which may be available though turbtax?

MinhT1

If you do not expect to have capital gains in 2023, you can safely ignore the 1040-ES vouchers, or you can recalculate the amount of estimated tax based on your expected income in 2023.

These vouchers are prepared for your convenience only and are never transmitted to the IRS.

Please read this TurboTax Help article for more information.

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