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Get your taxes done using TurboTax
No, you are not required to pay estimated taxes, especially if you do not think you will owe income tax. 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 (like you described above). 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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‎April 12, 2021
7:46 PM