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Solved

1040-ES payment past due

Forum|Forum|4 years ago
October 12, 2021
2 replies
42 views

I filed my Form 1040 extension and now the Turbo tax printed the 2021 Form 1040-ES along with my yr 2020 final tax return forms. Because I delay to file my 2020yr tax return, I noticed that three of four printed Form1040-ES payment vouchers has expired until I print out my final tax return. My W-2 withholding always exceeds my actual tax liability in my previous years, and Turbo tax never printed estimate of tax vouchers before. Should I pay to IRS the three expired payments now? Will any penalty to me because of the estimated tax payment after due date? What should do now? Thanks.

Best answer by VolvoGirl

The estimates are optional to pay. They don't get sent to the IRS with your return so they won't be expecting them. If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. They might have printed out if you got a one time large income this year like if you took a IRA or 401k distribution. You can ignore them if you want. They are just a suggestion.

VolvoGirlAnswer

Level 15

The estimates are optional to pay. They don't get sent to the IRS with your return so they won't be expecting them. If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. They might have printed out if you got a one time large income this year like if you took a IRA or 401k distribution. You can ignore them if you want. They are just a suggestion.

Level 15

Your estimated tax payments are credited on the day the IRS receives them.

If you are late (as you stated) there can be a penalty.

The next and last ES payment is due 1/15/2022.

you can make that payment today with 4x the quarterly amount, if you desire.

OR

just 1x the quarterly amount.

NOTE: don't send ES payments if your withholding is otherwise enough to cover your tax.