Sorry for resurrecting an old discussion, but I am desperate for some clarity on this: when TurboTax generates estimated tax forms, so I understand that those do NOT mean the IRS has been told to expect those payments?
I ask because TurboTax created many thousands of dollars of estimated taxes payments for me in 2021 based upon my 2020 income, even though I am going to have ZERO income in 2021, and would instead have to deplete a significant portion of my savings to pay those payments. I am not concerned about the IRS penalizing me for underpayment since my income will be nonexistent, but can they still penalize me for late quarterly payments in that case? (If the estimated tax info isn’t sent to the IRS then I would think the answer would be “no late payment penalties either”, but I really want to be sure.
(Note that my taxes have already been filed, so it is too late for me to prevent that via some change in how I go through my TurboTax process … I just want to know what I have to do now that I have these quarterly estimated tax forms from TurboTax which were part of my printed return.)
