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Level 1
posted Apr 5, 2023 6:08:09 AM

Can I pay my 1040ES payments by withholding instead?

I have an trad IRA that I take distributions.  So, TurboTax estimated my 1040ES payments on my return.  Last year I paid them online with IRS.  But this year, I realised my broker can withhold 100% of a distribution.  Could that count as my quarterly estimated tax payment?

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3 Replies
Expert Alumni
Apr 5, 2023 6:19:07 AM

Yes. If you prefer to have taxes withheld, you would no longer need to make estimated quarterly payments. If you have 1040ES vouchers, you do not need to do anything to void them.

Level 1
Apr 5, 2023 6:33:03 AM

Wow, brilliant.  Thanks so much.  That will save a lot of time and having to shift money over to my other account to send payment.  Now, they can just withhold it and it's all sorted.  

Level 15
Apr 5, 2023 7:38:25 PM

When TurboTax generates 1040-ES vouchers for you ,

it's telling you that you under-withheld on your current years taxes.

 

@Saoirse