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Taxes owend

Forum|Forum|6 years ago
July 13, 2020
1 reply
30 views

I filed my return today, and I owe $4712 which I put my bank information in to pay on 7/15/2020. When I printed off my return there are 4 vouchers attached each for $1712 which is equals $6848, why would that be?

Best answer by Texas Roger

The vouchers that printed are estimated tax payment vouchers to be used for paying estimated taxes for your 2020 tax return. They are for your use if you choose to use them. The first two quarterly payments were delayed until July 15.

The tax system is a pay as you get the income system. The reason for paying estimated quarterly taxes is to avoid underpayment penalties when filing your tax return. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

Answer

Level 15

The vouchers that printed are estimated tax payment vouchers to be used for paying estimated taxes for your 2020 tax return. They are for your use if you choose to use them. The first two quarterly payments were delayed until July 15.

The tax system is a pay as you get the income system. The reason for paying estimated quarterly taxes is to avoid underpayment penalties when filing your tax return. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.