Solved: 2020 estimated taxes
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ron75
New Member

2020 estimated taxes

I have just paid my 2019 taxes. Turbo sent me a estimated tax payment schedule for 2020

Because my 2019 year was an income anomalie created by withdrawing from my IRA to pay off my home, my income in 2020 wont be anywhere near my 2019.

Should I disregard and not worry about the schedule or is this a manditory payment regardless of the income anomalie??

Thanks.. Ron

1 Best answer

Accepted Solutions
bluedeb
Level 15

2020 estimated taxes

No, you do not have to pay the estimated taxes.  TurboTax automatically includes four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. They 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. 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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1 Reply
bluedeb
Level 15

2020 estimated taxes

No, you do not have to pay the estimated taxes.  TurboTax automatically includes four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. They 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. 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.

View solution in original post

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