Solved: where can i find the es form 540 2021
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git2k19
Level 1

where can i find the es form 540 2021

so i made my 2020 tax return state. When it finished, there was an estimated tax return for 2021 with voucher 1 due on april 15 2021, voucher 2 due on june 2021 and voucher 4 due on jan 2022. i don't see the es 540 2021 in turbo tax. Should i just send the check with the voucher for april 15 2021 with any es form 540 2021? 

 

And why all of a sudden i have to pay for estimated tax for next year? i didnt do this or have this last year when i file my 2019 tax return.

1 Best answer

Accepted Solutions
BillM223
Employee Tax Expert

where can i find the es form 540 2021

California says,

"Generally, you do not have to make estimated tax payments if the total of your California withholdings is 90% of your required annual payment. Also, you do not have to make estimated tax payments if you will pay enough through withholding to keep the amount you owe with your tax return under $500 ($250 if married/registered domestic partner (RDP) filing separately). "

 

So if on your 2020 CA return, you owed more than $500 or you failed to pay 90% of the tax due by the end of the year, TurboTax would produce the 540-ES.

 

Please note that sometimes taxpayers get these estimated tax forms when they had a unusual income situation, like a large stock sale with no corresponding withholding. If 2021 will not be like 2020, then you might not have to make any estimated tax payment at all. Doing estimated tax payments is trying to have you avoid any penalties for the under payment of estimated tax, but the numbers from TurboTax are just that - an estimate, based on your 2020 return.

 

You can find blank copies of the 540-ES at this at this FTB website.

 

Alternatively, you might look at the options to pay the CA FTB online.

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1 Reply
BillM223
Employee Tax Expert

where can i find the es form 540 2021

California says,

"Generally, you do not have to make estimated tax payments if the total of your California withholdings is 90% of your required annual payment. Also, you do not have to make estimated tax payments if you will pay enough through withholding to keep the amount you owe with your tax return under $500 ($250 if married/registered domestic partner (RDP) filing separately). "

 

So if on your 2020 CA return, you owed more than $500 or you failed to pay 90% of the tax due by the end of the year, TurboTax would produce the 540-ES.

 

Please note that sometimes taxpayers get these estimated tax forms when they had a unusual income situation, like a large stock sale with no corresponding withholding. If 2021 will not be like 2020, then you might not have to make any estimated tax payment at all. Doing estimated tax payments is trying to have you avoid any penalties for the under payment of estimated tax, but the numbers from TurboTax are just that - an estimate, based on your 2020 return.

 

You can find blank copies of the 540-ES at this at this FTB website.

 

Alternatively, you might look at the options to pay the CA FTB online.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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