When I filed my taxes in February 2019, TurboTax generated 4 vouchers for 1040-ES payments because I rolled over $15,000 in a traditional IRA to a Roth and had over $2000 in taxes due. I made the first 3 payments and have decided to take advantage of the solar electric tax credit for this year.
Do I have to mail in the voucher due on January 15, 2020. I'll have a great deal of tax credit and don't see a need to send it in unless the IRS would be expecting it and it would result in a penalty. I should be able to complete my taxes by early February, at the latest.
No you do not need to send in the last payment if it will not be needed ... the feds/state are not expecting it since that info was never sent with the return.
No. They are optional to pay. You might not have needed to even send in the first 3 if it was because of a one time conversion.
Don't forget to enter the estimates paid into your return next year.
It wasn't a one-time conversion. I converted the same amount this year. It was only recently that I decided to take advantage of the 30% tax credit for the solar array we're installing. I'll have plenty of credit this year! Just didn't see any sense in sending in more in advance. Thanks for your response.