quarterly payments

[hbhoeks]

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.

[KrisD15 · Accepted solution]

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. 

[VolvoGirl · Accepted solution]

They just automatically send them if you paid estimates the year before.  You don't need to use them.  They are optional.  

[Mike9241]

put another way, you don't have to pay estimates if withholding covers either 90% of your 2024 tax or 100% of your 2023 tax (it would 110% of your 2023 tax if your 2023 adjusted gross income was over $150,000