Question about ES1040.

wkibler52 · ‎June 3, 2019

Question about whether I have to pay suggested ES 1040 towards next years taxes...…..I cashed in $42000 in IRA money to purchase a house. I normally get a refund every year and this was a one time thing. Confident I will get a refund next year so what happens it I don't pay it and get a refund next year?

Kat · ‎June 3, 2019

TurboTax programs print out those 1040-ES vouchers if a user has an exceptional amount of tax liability. Since your tax year for 2018 was unusual, that explains the vouchers. They are printed as a suggestion, but can be ignored if you know that you don't need to make quarterly estimated tax payments in 2019. See the TurboTax FAQ below for more explanation.

https://ttlc.intuit.com/replies/3301872

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

View solution in original post

Kat · ‎June 3, 2019

TurboTax programs print out those 1040-ES vouchers if a user has an exceptional amount of tax liability. Since your tax year for 2018 was unusual, that explains the vouchers. They are printed as a suggestion, but can be ignored if you know that you don't need to make quarterly estimated tax payments in 2019. See the TurboTax FAQ below for more explanation.

https://ttlc.intuit.com/replies/3301872

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***