estimated taxes penalties
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
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. 

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?

Dynamic Ads
v
Privacy Settings