when I went to print my federal forms I noticed four 1040-ES " Individual estimated tax voucher" all for approximately $2000. (On My estimated tax due sheet it shows $11,500 in estimated tax for 2021). If my research is correct they want me to pay that because I have a 2020year federal tax payment of $9***. The only reason it was so high is because of a Capital Gains Sale (app$61,000).
1). in 2019 I/we received a tax rebate. (app. $2000).
2). our 2020 earned income was about $7000 LESS than our 2019 earned income.
3). 2019 Total income was $119,*** 2020 Total income is $175*** (again the increase from the sale/capital gains from some investments).
We are not planning any sale/capital gains events for the year 2021.
We Expect our income to be closer to our 2019 tax year income ($119***).
I am worried that if I am "required" to pay the estimated tax It would be difficult AND we would just end up getting it back at the end of 2021anyway????
Am I required to pay the Estimated Tax?
If not how do I tell Turbo Tax and the IRS that I am not going to, so I don't get "in trouble" so to speak?
It is possible that my research MISSED a place where it said paying estimated tax is optional, if so could some one please direct me to that place. I like to make copies of these types of info to access later and to include in my records so I understand three, four, five years from now , how/why I made the decisions I made THANK YOU VERY MUCH!
