Qs about money due to IRS 2020

[abidchugthai]

i filed the taxes today and owe money to IRS. Since I owe IRS $2601.00 and I provided a credit card information so that once the return is accepted that my credit card would be charged. Now, when I printed the Turbo Tax forms, they printed a payment plan along with the tax return. So is Turbo Tax getting confused. What am I supposed to do? Please reply soon

[VolvoGirl]

Did you get a payment plan for your tax due or the four 1040ES payment slips?

The 1040ES are for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much 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. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

[xmasbaby0]

Look again.  Do those documents you think are a payment plan say 1040ES?  Those are not payment coupons for your 2019 tax due.  Those are the vouchers for estimated quarterly payments of tax for 2020.  If you expect to owe at least $1000 when you file your tax return next year in 2021, then it is a good idea-- but optional -- to use those vouchers to make estimated payments ahead of time to avoid an underpayment penalty when you do your 2020 return.