topic Ive already submitted my 2020 tax return,but it looks like im supposed to pay in 4 installments over the next year using 1040-V.can i opt out of this and just pay it all? in Get your taxes done using TurboTax

Ive already submitted my 2020 tax return,but it looks like im supposed to pay in 4 installments over the next year using 1040-V.can i opt out of this and just pay it all?

junkmac18 — Sat, 13 Mar 2021 18:44:51 GMT

Re: Ive already submitted my 2020 tax return,but it looks like im supposed to pay in 4 installments over the next year using 1040-V.can i opt out of this and just pay it all?

fanfare — Sat, 13 Mar 2021 18:54:02 GMT

look again. the four payments are estimated tax for 2021.

Re: Ive already submitted my 2020 tax return,but it looks like im supposed to pay in 4 installments over the next year using 1040-V.can i opt out of this and just pay it all?

Mike9241 — Sat, 13 Mar 2021 19:02:19 GMT

the 1040 V is to accompany a check, money order that you send the IRS for the balance due on the 2020 return. you can also ignore it and make the payment through the IRS website

https://www.irs.gov/payments

you can also pay the estimates through the same site. the alternative is to increase your withholding so the total withheld is equal to last year + the amounts on each of the 4 1040-ES

put another way if you don't make the estimate payments your 2021 withholding must be 90% of 2021 tax or 100% (110% if 2020 AGI over $150,000/$75,000 if MFS) to avoid penalties