1040ES form

Forum|Forum|5 years ago
January 30, 2021
2 replies
13 views

Finished federal return, all income received had tax withheld by retirement plan administrators (reflected on 1099Rs). Final fed tax owed only $291. The print preview function includes 1040ES forms for 2021, requiring $551 quarterly pymts. Why?? Is this a program bug?? Been using TurboTax for over 20 years never had this problem before.

Best answer by VolvoGirl

Turbo Tax is very conservative and doesn't want you to owe next year. They might have printed out if you got a big one time increase in income. like if you took a IRA or 401K Withdrawal or had a big stock gain. They are optional to pay. They don't get sent in with your tax return so the IRS won't be expecting them. You can ignore them.

DJS

Alumni - Champ

Generally you'd use the 1040 - ES if you're self employed or if you have significant other income from which there's no withholding, requiring you to pay quarterly estimated taxes to avoid underpayment or late payment penalties.

Answers are correct to the best of my ability but do not constitute legal or tax advice.**If this post is helpful please click on "thumbs up"**

mcgarrdeAuthor

Level 2

Thanks, The federal withholding from all sources during 2020 was just over $18k which was submitted by plan administrators through out the year. Don't understand why the 1040ES are required for 2021. If I were to make these suggested quarterly payments I would overpay next year's federal taxes by about $2k (which I do not plan to do). My question is why is the tax program generating the 1040ES forms?

VolvoGirlAnswer

Level 15

easeybob

Level 2

I needed to prepare 1040ES forms for2021. Turbo tax failed to run calculations. Now what?

WendyN2

Level 9

You can still go back into your account and "force" the TurboTax system to generate 1040ES forms/stubs for you. Click on the magnifying glass icon at the top right of the screen and enter "1040ES" and the instructions for generating for 2021 will be right there for you.

eilerce

Level 2

All it gave me was old QandA that doesnt help me find the form I need. Thanks for trying. If you could try it for yourself, maybe the system has changed and let me know. thanks again.