topic I retired near the end of 2023. Turbo Tax is saying that I will need to make quarterly payments in 2024 when my income will be substantially less. Why? in Retirement tax questions

I retired near the end of 2023. Turbo Tax is saying that I will need to make quarterly payments in 2024 when my income will be substantially less. Why?

jmmosby — Wed, 11 Feb 2026 04:25:05 GMT

My amount owed for Indiana State taxes is under the $1,000 threshold for penalties and should not trigger quarterly payments for 2024.

Re: I retired near the end of 2023. Turbo Tax is saying that I will need to make quarterly payments in 2024 when my income will be substantially less. Why?

VolvoGirl — Mon, 05 Feb 2024 20:10:58 GMT

You can ignore them. Just shred them. The estimates are optional to pay and don't get sent with your return so the IRS won't be expecting them.

Re: I retired near the end of 2023. Turbo Tax is saying that I will need to make quarterly payments in 2024 when my income will be substantially less. Why?

DoninGA — Mon, 05 Feb 2024 20:11:17 GMT

You can ignore the Form 1040-ES payment forms for tax year 2024 if they are not needed.

Re: I retired near the end of 2023. Turbo Tax is saying that I will need to make quarterly paymen...

TomK2023 — Mon, 05 Feb 2024 20:12:47 GMT

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.