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New Member

Do I need to pay estimated taxes, where I expected far less income than last year?

Do I need to pay estimated taxes, for a 'one-off' year?  For 2018 I had a lot more income than I expect for 2019.  Partly because I lost my job in 2018 and had a big severance.  That said, I still got a refund for 2018 year based on about $240k income.  For year 2019 I expect to make far less (probably around $170k).  With almost the same deductions and paycheck taxes withheld, so therefore I expect an even higher refund this year.  

My question: For the 2018 taxes, Turbotax automatically generated 'estimated payments'.   Do I really need to pay them if I expect far less income and a higher refund this year of 2019?

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Level 15

Do I need to pay estimated taxes, where I expected far less income than last year?

There is no need to pay estimated taxes if you expect a refund when you file your 2019 tax return.