topic Quarterly Prepayments a requirement if extra is taken from payroll deductions instead? in After you file

Quarterly Prepayments a requirement if extra is taken from payroll deductions instead?

Checkered24 — Mon, 30 Jan 2023 18:33:26 GMT

After completing my taxes this year, turbotax set up four vouchers to make quarterly pre-payments towards supposedly 110% of expected taxes for next year.

However, in the past, I have always accounted for any overage in the regular payroll deduction by making routine additional payroll deductions each pay period.

Does the fact that turbotax created the vouchers bind me to making those prepayments? It appears they are in the filed paperwork when I download it. If so, I would need to lower my payroll deduction to compensate since as it stands, the payroll deduction and pre-payments would have me actually contribute a couple thousand more than their estimate.

It is as if they are setting me up to pay the additional amount twice.

Re: Quarterly Prepayments a requirement if extra is taken from payroll deductions instead?

MayaD — Mon, 30 Jan 2023 18:52:54 GMT

You don't have to use the payment vouchers. Since you owed tax this year, TurboTax is recommending you pay additional estimated payments for 2023.

Re: Quarterly Prepayments a requirement if extra is taken from payroll deductions instead?

Checkered24 — Mon, 30 Jan 2023 18:57:11 GMT

Ok thank you for the help. (I actually got a small refund this year, but that was by design).