Estimated Tax Vouchers

[vldehle]

When I printed out my Tax forms for 2019 it also printed out estimated tax payments for 2020 and vouchers for mailing it in.  Do I have to send in estimated taxes?  Is there a benefit to doing this?  I paid quite a bit this year and don't look forward to trying to come up with  more money to pay at this moment.  Plus I just noticed I paid interest and a late penalty from last year.  I didn't even know I owed extra.  I would have paid it at the time if I had known.  This is all new to me. Help! Thanks a bunch!!!

[bluedeb · Accepted solution]

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

We'll automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes.

You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan.

You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.