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Do I have to make estimated tax payments?

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?

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Employee Tax Expert

Do I have to make estimated tax payments?

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 

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Highlighted
Employee Tax Expert

Do I have to make estimated tax payments?

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 

**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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