topic Why was my method of payment for Taxes owed changed from deduction from my Bank to Payment vouchers over several months? in Get your taxes done using TurboTax

Why was my method of payment for Taxes owed changed from deduction from my Bank to Payment vouchers over several months?

dmrogers230 — Thu, 01 Apr 2021 10:22:29 GMT

Re: Why was my method of payment for Taxes owed changed from deduction from my Bank to Payment vouchers over several months?

SteamTrain — Thu, 01 Apr 2021 12:24:16 GMT

1040ES vouchers are for Pre-paying 2021 taxes...not for your balance due for the 2020 taxes you are filing now.

The 2021 1040ES vouchers are prepared/printed if you owed over $1000 this year, so that you can pre-pay taxes during the coming year and not owe so much next year. OF course, you don't have to use them (the IRS does not know they were prepared).......and you can increase withholding at a W-2 job instead, or ignore them entirely if you are pretty sure that your 2021 tax situation will be such that you won't end up owing so much at tax time next year.

Re: Why was my method of payment for Taxes owed changed from deduction from my Bank to Payment vo...

JohnB5677 — Thu, 01 Apr 2021 12:31:46 GMT

I think you may have misunderstood the vouchers.

Form 1040-V is a payment voucher for the current year's tax due. If you were to mail a payment you would use this form.

There are also four 1040-ES Forms. These are estimated tax forms for 2021.

We prepare these for you so that you don't owe taxes at the end of 2021. It is your chose to use them or not.