1040ES

[SAMTHOMAS]

I finished my 2014 return and received quarterly estimated tax amounts for 2025.  We've never made estimated tax payments and our withholdings are always sufficient to give us a refund.  Why did I receive the 2025 1040ES estimates?  Where in the software can I change the formula for how Turbo Tax calculated the amounts?

[baldietax]

If you're on desktop go for Forms mode, "Est Tax Options" will show the different options and what is driving the ES calcs.  Not sure equivalent on TT Online.  Either way you can work thru it using interview mode also, go to Other Tax Situations / Form W-4 and Estimated Taxes.

TT will default to ES based off 2024 tax (@ 100% or 110% if AGI > 150k) if you don't give it 2025 information to use 2025 tax (@ 90%).

I'm guessing your AGI is > 150k so it's taking 110% of your 2024 tax and finding the withholding isn't enough but you can switch to 90% of 2025, which could be a big difference.

[AnnetteB6]

The following TurboTax help article will give you some examples for when they are printed with your return.  However, there is nothing filed with the IRS with regard to these vouchers for the next tax year and you are not required to use them or make the payments.  They are there only to assist users who do wish to make estimated payments.

Why did 1040-ES estimated tax vouchers print out? Do I need them?

If you do want to go through the process of predicting your income for 2025 and creating estimated vouchers based on the information that you enter, use the steps in this article to get started:

Can TurboTax calculate next year's federal estimated taxes?