I don't pay Estimated Taxes as I almost always get a Fed and State (Del) refund each year, including for 2022 tax year, so I'm confused as to why that happened. Is the IRS going to be expecting those payments from me, or are they just coupons that TT included in case I wanted to pay? When I did my daughter's taxes for 2022 in TT, the same thing happened, but she owed over $1,000 on Federal due to a paycheck Fed tax deduction issue which has now been resolved. Like me, she also has her own LLC for a side business, but that is not where the vast majority of income is generated. Not interested in shelling out hundreds of dollars four times a year, only to have all of it returned next year, as I'm not in the interest-free loan business. Appreciate any insight--thank you!
You'll need to sign in or create an account to connect with an expert.
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. So they won't be expecting them. 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.
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. So they won't be expecting them. 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.
Thank you, VolvoGirl! I expected that was the likely reason, but I appreciate you confirming that for me (and my daughter) so quickly. Have a great weekend!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
AlexSagrat
Level 2
1c98707ce2ff
New Member
Mojo-6
New Member
LoJoSech
Level 1
shamkt24-
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.