voucher

Forum|Forum|6 years ago
February 17, 2020
2 replies
4 views

Hi there,

I just filed and when I clicked PRINT, I saw that I had vouchers with four estimated payments to make in 2020. Is this something I have to do? Do I owe?

Thanks,

xmasbaby0

Level 15

Those 1040ES vouchers are optional. You can use them to pay estimated quarterly tax to help you avoid a large tax due amount and possible underpayment penalty during 2020, but you are not required to use them.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

bwergeles

Level 7

If you owed taxes on your 2019 return, TurboTax will automatically calculate estimated tax payments for the next year.

If you anticipate that you will have a similar tax situation in 2020 as you did in 2019 (i.e. anticipate that you will owe taxes), you should pay estimated tax payments to avoid a penalty.

You don't have to make any payment until you have income on which estimated taxes are due. However, if at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment.

Please see this TurboTax Article for more information.

@mlagoudes