I made quarterly payments for year 2023. I also had withholding on my RMD so I am scheduled to get a refund on my taxes filed with Turbotax 1 week ago. Turbotax made no notice that I would need to pay quarterly payments for 2024. Today(1 week after filing), I received from the IRS payment forms for quarterly payments with a complicated form that purports to explain why they sent them. My question is: Can I just ignore this since I received a refund(about 1/2 of what I paid in). Do I need to do something or should I? I am confused why the IRS sent this and Turbotax said nothing. Thank you.
No, you don't need to do anything about this.
Estimated tax payments are always "suggested" they are never mandatory.
TurboTax probably did not say anything since you are getting a refund for tax year 2023.
If someone SHOULD make estimated payments and don't, they might regret it if they owe a penalty on top of tax the following year.
Since you received a refund for tax year 2023, you would have no penalty for tax year 2024.
The IRS might think they are doing you a favor by sending you the vouchers, and you might still want to make estimated payments for some reason, but you are not obligated.
No, you don't need to do anything about this.
Estimated tax payments are always "suggested" they are never mandatory.
TurboTax probably did not say anything since you are getting a refund for tax year 2023.
If someone SHOULD make estimated payments and don't, they might regret it if they owe a penalty on top of tax the following year.
Since you received a refund for tax year 2023, you would have no penalty for tax year 2024.
The IRS might think they are doing you a favor by sending you the vouchers, and you might still want to make estimated payments for some reason, but you are not obligated.
They just automatically send them if you paid estimates the year before. You don't need to use them. They are optional.