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Why is TurboTax telling me to make estimated tax payments in 2018, when I am getting a refund for my 2017 taxes? Do I still need to prepay taxes if I am due a refund?
TurboTax is recommending I make estimated tax payments in 2018. When I decline this, it then asks "Are you SURE you do not want to prepare estimated taxes for 2018?" and tells me that my tax situation suggests that I should and if I do not, I may owe an underpayment penalty.
However, TurboTax has also calculated that I am due a federal refund. Why would I need to pay estimated taxes in 2018, if I've actually overpaid in 2017? What is the logic?
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Get your taxes done using TurboTax
The program prints those vouchers as a suggestion. If you are certain that you don't need to make estimated tax payments, just disregard those vouchers. See the TurboTax FAQ below for additional explanation.
https://ttlc.intuit.com/replies/3301872
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Get your taxes done using TurboTax
See this:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs">https...>
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You can ignore them. The estimated payments are optional to pay. They are estimates for next year. Turbo Tax doesn't want you to owe next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. They DO NOT get sent to the IRS or state with your return.
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Get your taxes done using TurboTax
Thanks for the additional details. We took a distribution from an IRA and that is what must have triggered the payment vouchers, even though we got a refund.
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I also took a large distribution from my 401k this year and rolled it immediately over to an IRA, and this year, TurboTax keeps "insisting" that I need to make large Estimated Tax payments for 2021. I came to this forum to research this very question. Sure enough, it seems to be the 401k distribution that triggered TurboTax's "insistence." It's a little annoying. The program KNOWS I rolled the distribution over and that it's a non-taxable event. So .... Oh, well. I just thought I'd chime in, too, in case others encounter the same thing.