I started a new job in the middle of 2019 making significantly more than I did previously. So, for 2019 I had to pay a good bit in tax and turbo tax said I need to make estimated payments in 2020.
Fastforward to this year, and my wife has lost her job due to the pandemic.
I don't expect to have a tax bill like I had last year.
Do I still need to make the estimated payments?
The estimated payments are optional. If you expect to owe at least $1000 at tax time next year, they can be a good idea to prevent an underpayment penalty next year. If you do not want to use the 1040ES forms you do not have to -- or if you want to pay lower estimated amounts you can cross out the printed amount and write in a different amount if you want to.
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