topic form 1040-ES Generated but I am getting a Refund of $2000 plus in After you file

form 1040-ES Generated but I am getting a Refund of $2000 plus

billf205 — Mon, 09 Mar 2026 08:48:31 GMT

Why is TurboTax generating Estimated Tax 1040-ES forms when I am getting a refund of $2000 plus?

Re: form 1040-ES Generated but I am getting a Refund of $2000 plus

MichelleLO — Tue, 08 Mar 2022 17:41:07 GMT

Please see the below TurboTax help article for an explanation of why the vouchers were generated.

Why did 1040-ES estimated tax vouchers print out? Do I need them?

Re: form 1040-ES Generated but I am getting a Refund of $2000 plus

billf205 — Wed, 09 Mar 2022 04:15:48 GMT

Your answer does NOT answer my question. Your answer says that TT felt I did not pay enough withholding tax. But I DID pay more than enough because I am getting a REFUND.

Re: form 1040-ES Generated but I am getting a Refund of $2000 plus

DawnC — Wed, 09 Mar 2022 05:01:54 GMT

Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter. In fact, it's entirely possible to get hit with an underpayment penalty even though you paid your tax bill in full by the April deadline or are getting a refund. Do you have an underpayment penalty on Line 38 of your Form 1040?

We'll automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year (per quarter). We do this to head off a possible underpayment penalty on next year's taxes.

You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan. You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.