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Get your taxes done using TurboTax
Regarding your questions:
If I get some kind of tax refund, then you don't owe anything right?
- No, that's not necessarily true. You may get a refund but you still may owe income tax. The rule is that you must pay your taxes as you go throughout the year through withholding or making estimated tax payments.
- 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.
So I don't qualify if I owe more than $1000 category?
- Not sure what you're asking but, to determine whether you need to make quarterly estimates, one of the questions is, "Will you owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this year? If so, you're safe—you don't need to make estimated tax payments.."
Regarding why TurboTax printed estimated tax vouchers:
- TurboTax will automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. TurboTax does this to head off a possible underpayment penalty on next year's taxes.
- You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan.
- You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.
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February 27, 2023
6:44 AM