I have not made quarterly payments this year yet because of COVID-19. I'm not making the same income and my only income is unemployment. I'm in the process of filing and it shows an estimated Quarterly payment for 2020 which I can not pay, nor do I want to right now. I am keeping track of my unemployment income for when I need to pay tax on that and any previous income before COVID-19.
Should I still file even though it is showing expected quarterly returns on my tax returns, or should I amend my return to reflect that I will not be paying any tax which I plan to do by filing date of next year? In other words, even if my return indicates 2020 estimated payments, is it not required to pay them?
I just don't want to incur a penalty if my forms indicate I'm suppose to provide quarterly payments, but I haven't been. I'll likely pay estimated taxes throughout this year as my work comes back online.
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The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay. You can just ignore them or write in another amount. They are just suggestions to pay. You can shred them.
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