DawnC
Expert Alumni

Get your taxes done using TurboTax

The late filing penalties are generally significantly higher than the penalties for not paying taxes on time.   You may have different types of vouchers.   You should have one from the IRS for your 2020 tax return with the amount you owe on that tax return.   That amount is due by 05/17.   The IRS's latest guidance is for you not to amend your tax return at this time.  They will either adjust it and you won't owe (or you will owe less) or they will instruct you to amend the return which will change the amount you owe.   So, right now, just wait a little longer until we get clarification.

 

You may have received other vouchers for estimated taxes - these vouchers may or may not be relevant.   We'll automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year.   We do 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 OR received a large amount of untaxed unemployment compensation.   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.   @scott5763

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