Who said you have to do quarterly payments? Did you have a big tax due last year? Or get any 1099NEC income? Did you had a big one time large income like if you took a IRA or 401k distribution? Was your withholding enough to cover the tax on your 2023 return? If Turbo Tax printed out the 4 1040ES estimated slips those are optional to pay .
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
