topic Est Taxes in Get your taxes done using TurboTax

Est Taxes

Killebrew3 — Mon, 17 Jun 2019 14:20:56 GMT

If my 1st qtr est tax pmt was more than enough to meet my full year tax obligation, do I still need to make est tax pmts for 2nd, 3rd and 4th qtr?

Re: Est Taxes

VolvoGirl — Mon, 17 Jun 2019 14:27:22 GMT

No. The 1040ES estimates are optional to pay and were not sent to the IRS with your return so they won't be expecting them. You can throw them out or even cross out the amount to pay a different amount.

Re: Est Taxes

Killebrew3 — Mon, 17 Jun 2019 14:32:39 GMT

Thanks, but optional to pay? Not in my case...I am retired and I do not have taxes withheld from my distributions.

So, in order to avoid penalties for under withholding, I have to make est tax pmts.

I just happened to make a large pmt for my 1st qtr est pmt -- more than enough for the full year obligation

Re: Est Taxes

TomD8 — Mon, 17 Jun 2019 16:36:44 GMT

If the estimated payment you made is sufficient to cover your full year's tax obligation, there is no need to make additional payments.

Penalties come into play when payments are late or insufficient. You can find the details in this IRS reference: https://www.irs.gov/taxtopics/tc306

Re: Est Taxes

Killebrew3 — Mon, 17 Jun 2019 15:56:52 GMT

Thank you