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dgabiola
New Member

I requested a federal payment plan for $25.00 initial and $75.00 per month after that. The documents that Turbo Tax saved was 4 payments of $1017.00 which I can't pay.

 
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1 Best answer

Accepted Solutions
AmyT
New Member

I requested a federal payment plan for $25.00 initial and $75.00 per month after that. The documents that Turbo Tax saved was 4 payments of $1017.00 which I can't pay.

The vouchers are most likely for quarterly estimated tax payments for 2017 (these will have 1040-ES on them).

These are not related to your installment plan - they are suggested payments so that you do not end up owing next year.

Generally, if you owe $1,000 or more in federal income taxes in the current year, TurboTax will automatically generate estimated tax payment vouchers (1040-ES) for the next year.

If the event that triggered you owing for 2016 was a one-time thing, you should not have to make estimated tax payments for 2017.

Any estimated tax vouchers that are generated with your return are not transmitted to the IRS or your state.

You do not have to make estimated tax payments if you do not wish to do so (or are not required to do so, due to a one-time event in 2016).  However, if you end up owing on your 2017 taxes and do not qualify for an exception (see https://www.irs.gov/publications/p505/ch04.html), you may then have underpayment penalties assessed.

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1 Reply
AmyT
New Member

I requested a federal payment plan for $25.00 initial and $75.00 per month after that. The documents that Turbo Tax saved was 4 payments of $1017.00 which I can't pay.

The vouchers are most likely for quarterly estimated tax payments for 2017 (these will have 1040-ES on them).

These are not related to your installment plan - they are suggested payments so that you do not end up owing next year.

Generally, if you owe $1,000 or more in federal income taxes in the current year, TurboTax will automatically generate estimated tax payment vouchers (1040-ES) for the next year.

If the event that triggered you owing for 2016 was a one-time thing, you should not have to make estimated tax payments for 2017.

Any estimated tax vouchers that are generated with your return are not transmitted to the IRS or your state.

You do not have to make estimated tax payments if you do not wish to do so (or are not required to do so, due to a one-time event in 2016).  However, if you end up owing on your 2017 taxes and do not qualify for an exception (see https://www.irs.gov/publications/p505/ch04.html), you may then have underpayment penalties assessed.

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