2022 estimated tax correction

Forum|Forum|4 years ago
April 3, 2022
3 replies
15 views

I just filed my taxes. 2021 was a very unique year for with a significant increase in income and will not be repeated in 2022. I did not realize that TurboTax created estimated quarterly tax vouchers for me. My employment withholding will cover the taxes I anticipate owing for 2022.

How do I correct the estimated tax vouchers that went with my tax return?

What happens if I just don't pay the quarterly estimated tax?

VolvoGirl

Level 15

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

kd622Author

Level 2

THANKS!

DoninGA

Level 15

The Forms 1040-ES for making 2022 estimated tax payments are for your use only. You can use them or not, the choice is yours. They are not included with the 2021 tax return that was filed nor are they reported to the IRS until they are actually used by you.