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posted Jul 11, 2020 11:54:14 AM

Next years prepay

Last year I would have received a refund, but I was contacted by a previous company that I worked for and was offered a retirement buyout. I opted to take the buyout and of course owed taxes on it. When I printed my taxes some of the forms (coupons) were for prepayment on taxes that would owe next year. This year should be back to normal with what I make and should expect a refund. What should I do with these forms?

Kevin

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1 Replies
Level 15
Jul 11, 2020 11:56:42 AM

You mean the 1040ES vouchers?  If you do not expect to owe over $1000 when you file your 2020 return, just pitch them.  You are not required to pay estimated quarterly taxes.  If you think you will owe a lot, it is good to use them to avoid an underpayment penalty.