Business & farm

Did Turbo Tax print out the 4 estimated 1040ES slips?  The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. They are just a suggestion. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

 

Are you having enough tax withholding taken out of your retirement?  You might want o increase the withholding.    Was any of your Social Security taxable?  Up to 85% of SS can be taxable depending on your other income.  

 

If you don't pay in enough during the year and have a large tax due on your return there is an Underpayment Penalty.