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Next Year's Tax Liability

I just finished my 2023 taxes and I got hit with a $4200 bill.

The reason for this is twofold. One is I'm filing single as my wife passed away last year and two I withdrew $10000 from my IRA to prepay my funeral expenses. It looks like not enough money was paid for federal taxes.

Now I see that TurboTax has printed four vouchers, which I assume are prepayments for 2024 taxes.

I don't foresee any income over my social security, postal pension and maybe $12000 from IRA. This income would be about $45,900 in which postal would pay about $1910.00 in taxes and IRA would pay $1200.00. Social Security isn't taxed.

Do I need to shell out $1000 each for these vouchers ?

Thanks

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Next Year's Tax Liability

When did she die?  Sorry for your loss.  My husband died in March 2023.  If she died in 2023 you can still file a Joint return.  Then year we file as Single.

 

The estimated payments are optional to pay. They are estimates for next year. Turbo Tax doesn't want you to owe 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 or a large capital gain. They DO NOT get sent to the IRS or state with your return.  So you can ignore them or adjust them.

 

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or 0

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

 

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say NO to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

 

The 1040ES quarterly estimates are due April 15, June 17, Sept 16 and Jan 15, 2025  Your state will also have their own estimate forms.

 

 

 

 

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1 Reply

Next Year's Tax Liability

When did she die?  Sorry for your loss.  My husband died in March 2023.  If she died in 2023 you can still file a Joint return.  Then year we file as Single.

 

The estimated payments are optional to pay. They are estimates for next year. Turbo Tax doesn't want you to owe 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 or a large capital gain. They DO NOT get sent to the IRS or state with your return.  So you can ignore them or adjust them.

 

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or 0

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

 

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say NO to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

 

The 1040ES quarterly estimates are due April 15, June 17, Sept 16 and Jan 15, 2025  Your state will also have their own estimate forms.

 

 

 

 

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