1040-ES Questions

[furfaromj]

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.

[Critter]

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. 

[VolvoGirl]

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.

[furfaromj]

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.