Do I have to make estimated tax payments?

[mahala369]

I received earned income in 2016 that I will not receive in 2017. I owe more than $1000 in additional taxes so Turbo Tax is figuring I will have to make estimated tax payments based on my 2016 income. I can't afford to pay them. Are the estimated tax payments as calculated by TT mandatory?

[PaulaM · Accepted solution]

No, they are not mandatory. You may disregard the vouchers if you believe they will not apply to your 2017 tax situation. The vouchers print automatically when the software detects a spike in income for the year, or if you didn't have enough withheld for the year.

You are not required to make estimated payments for 2017 if:

You will pay or expect to pay (through withholding or other) 100% of 2016's taxes paid (110% if AGI is more than $150,000) or 90% of the 2017 taxes due.

See link below for when paying estimated taxes is a good planning.

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs