Do I have to the estimated quarterly taxes for next years taxes that turbo tax is recommending?

[sleeyoder]

Do I have to pay the estimated taxes that turbo tax is suggesting for the future year as I am paying this years taxes in full?  

[VolvoGirl · Accepted solution]

No.  The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them.  They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

[Mike9241]

to avoid penalties for 2024 you must have enough withheld and/or enough in timely estimated taxes to meet either test.

1) 90% of 2024 tax

2)100% of 2023 tax (the 100% rises to 110% if your 2023 adjusted gross income was over $150,000)

estimated taxes are deemed paid for the period in which received while the default for withholding is 1/4 each period. you can use actual withholding for each period