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I just used Turbo Tax and filed my 2021 taxes and owed around $500 Federal Tax. I was shocked that when I printed out my returns it printed out payment vouchers due for each quarter for the next year. Per information I found on the IRS site if you owe less than $1000 you do not have to make estimated taxes. Last year (2020) I also owed around $500 and it did not print out estimated tax payments so I am confused why it would print them out for 2021.
Why did it print them out this year and do I have to pay since I owed less than $1000.00
Thank to anyone with an answer but I mainly need to know if I can just ignore the payment vouchers since I owed less then $1000.
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Please see the below TurboTax help article for information on why estimated vouchers were included with your return.
Why did 1040-ES estimated tax vouchers print out? Do I need them?
You can ignore them if you want. They are just suggestions.
The 1040ES are estimates 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.
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