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Noticed amounts too high for 1040-ES after filing; do I need to amend?

Hi -

 

After submitting my filing, I downloaded the return and noticed the amounts are way too high for my 1040-ES - we basically had a 1-time sale of a significant amount of stock that increased our AGI & taxes paid last year to an amount that we don't expect to recur this year. Do I need to re-file/amend this return to include the more realistic calculation? Or can I simply just try to pay similar estimates that i did this year and hope for the best?

 

Jay

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1 Reply

Noticed amounts too high for 1040-ES after filing; do I need to amend?

Yes just pay what you did before.   You can ignore them.  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 had investment gains.    They DO NOT get sent to the IRS or state with your return.  The IRS won't be expecting them.

 

You might want to adjust your withholding at work so you won't owe too much next year.  They don't get sent with your tax return to the IRS or state.

 

If you want to pay some you can adjust them.  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)

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

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