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March 19, 2021
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Made early withdrawal on 401k in 2020. Amount more than $150K. Married filing jointly. Do I have to pay this 2021 Form 1040-ES Vouchers? I'm in the Philippines, no work.

  • March 19, 2021
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Best answer by ToddL99

You do not have to use the 2021 Form 1040-ES vouchers if your 2021 income is not going to be as high as it was in 2020.

 

1040-ES vouchers are prepared as a courtesy, based on the assumption that your income and taxes are going to be similar in the next tax year. Since you know that won't be the case, you don't need to use them. Just be mindful that your 2021 withholding (or other estimated payments) is sufficient to meet your 2021 tax liability.

1 reply

ToddL99Answer
March 20, 2021

You do not have to use the 2021 Form 1040-ES vouchers if your 2021 income is not going to be as high as it was in 2020.

 

1040-ES vouchers are prepared as a courtesy, based on the assumption that your income and taxes are going to be similar in the next tax year. Since you know that won't be the case, you don't need to use them. Just be mindful that your 2021 withholding (or other estimated payments) is sufficient to meet your 2021 tax liability.