Do I actually owe quarterly tax returns or not? TurboTax itself made absolutely no mention of it during the filing process, but the downloadable pdf mentions them?

[otne195600]

When going through the tax return filing on the site last year, after calculating my taxes in federal and income, the site indicated I was required to file quarterly payments on specific dates, with the downloadable tax return also mentioning it. This year, however, the site itself made absolutely no mention whether or not I actually owe quarterly safe harbor taxes, with only the download able tax return pdf making any indication that I do. Specifically, $747 for IRS each quarter until 1/15/2025, and $144 for Georgia DOR.

[xmasbaby0]

Are you referring to the 1040ES vouchers that were included when you printed your return?    Those are not required---using them to make estimated quarterly payments is an option.   If you expect to owe at least $1000 at tax time next year, you can use them to make payments in order to avoid a big tax bill next year and to avoid an underpayment penalty.   Nothing about them is sent to the IRS.  You can choose to use them or you can shred/ignore them if you do not want to make quarterly payments.

[Mike9241]

here are the two basic rules for avoiding federal underpayment of tax penalties

There will be no federal penalties for not paying in enough taxes during the 2024 if withholding
1) and timely estimated tax payments equal or exceed 90% of your 2023 tax or
2) and timely estimated tax payments equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or

in short, if you do not pay the federal estimated taxes will your withholding equal 90% of your 2024 tax or 100%/110% (see above) of your 2023 tax?  if not, you will owe penalties for 2024 unless the balance due when you file 2024 is $1000 or less. Turbotax federal estimates suggest you will owe close to $3000 (this is around the difference between your 2023 tax and withholding). The alternative to paying estimates is to increase withholding.