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tqa1221
Level 1

estimated taxes penalties

Hi

In 2019, I filed my tax return for 2018 and I got some 1040-ES forms for 2019 estimates taxes, but I paid nothing during last year.

This year, when filing my 2019 tax return, I had to pay estimated tax penalties (for both federal and state), and got again 1040 ES forms for 2020 too.

I would like to know it is mandatory to pay these estimates taxes. If optional, why IRS charges me its penalties.
I don't want to pay these quarterly payments. Can I cancel it to avoid the penalties for next year?
Thank you very much 

3 Replies
Anonymous
Not applicable

estimated taxes penalties

 
Anonymous
Not applicable

estimated taxes penalties

paying the estimates is not required but if you don't you have two choices: 

1) increase withholding so there are no penalties or

2)  pay the penalties. 

tqa1221
Level 1

estimated taxes penalties

As I understand it, I got the estimates for next year because I owe IRS tax this  year (That's why IRS estimates the amount for me to pay in advance)

If next year, I will get the refund when filing my tax , so I don't need to pay any penalties because I owe IRS nothing

Am I right?

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