@kamull01
1) Generally speaking, TTX will include new 2024 1040ES forms in the software...IF...based on the taxes being filed for 2023 for ALL your 2023 income, the "Withholding" done for all that income, didn't cover the taxes assessed (probably, just if the balance due amount was more than $1000 ). This does NOT include any estimated taxes paid during the year in that calculation. So, based on the just 2023 numbers, you would need the 1040ES forms again.
(You could change the calculations to use your "expected" 2024 numbers by going thru the "Form W-4 and Estimated Taxes" interview on the Other Tax Situations page.
2) The IRS does not know the 2024 1040ES forms were prepared and are not expecting them.
3) a) If there is an underpayment penalty, and you owe more $$ at tax time that the withholding plus estimated taxes didn't cover everything, then TTX can calculate an estimated penalty, but the TTX number will be close, but may not be exact...because TTX cannot know exactly on what date you will actually pay the extra due. b) But, if there is an underpayment penalty and you are getting a refund at the time you file, because you overpaid with some of your estimated tax payments after having missed the first one (it happens), then they just take the penalty out of your Refund.
4) If you increase your withholding during 2024, such that it covers your taxes due for 2024 (less than $1000 extra due at tax time) then you can ignore the 1040ES forms.
5) Same for 2025....increased withholding that covers all taxes due allows you to ignore the 1040ES forms (if generated).
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Subtle details though...There is some penalty forgiveness for #4 and #5, as there is also something called a Safe Harbor, whereby if you owe more than $1000 extra at tax time, you may still not have an underpayment penalty if your "withholding" (and/or "timely-paid" estimated taxes ) exceeded the prior year's total assessed taxes by 100% or 110% of the prior year's tax assessed (100% vs 110% depends on total AGI)...or if 90% of the current year's taxes assessed have been paid by either withholding...or "timely-paid" estimated taxes.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
