HI all. I am a W2 employee, owed about $2K in taxes because I did not withhold enough in taxes this year. I chose to pay what I owed upfront (no installments). I just filed my taxes, and on my return I see quarterly 1040-ES payment vouchers. I've done some reading and, just to make sure I understand, I am NOT required to pay this. It is simply a suggestion from Turbo Tax to avoid having a tax liability above $1K for 2024. I plan to change my W4 to withhold additional income. But just looking to verify that is indeed correct - I can disregard those forms and I won't be getting any notifications from the IRS asking about those payments. Please let me know if I am missing anything. Thank you!
The 1040-ES forms are generated in case you want to take advantage of them and pay estimated tax. TurboTax automatically does that when you owe when you file. Using the vouchers and paying estimated tax is optional. There is no expectation on the part of the IRS that you will use them and/or pay estimated tax. You can ignore them if you choose.
The 1040-ES forms are generated in case you want to take advantage of them and pay estimated tax. TurboTax automatically does that when you owe when you file. Using the vouchers and paying estimated tax is optional. There is no expectation on the part of the IRS that you will use them and/or pay estimated tax. You can ignore them if you choose.
Thanks. I appreciate TurboTax doing this but I believe it would be better to not automatically generate this form and cause confusion amongst us stupid people.
@rsg77777 No need to feel "stupid"----just ask here about anything that confuses you and we are happy to help!
I received the vouchers too but I did get a small refund. I guess they are anticipating we will owe taxes next year?