Estimated taxes

[anonymouse1]

We did Roth conversions of our entire traditional IRA balances in 2024 so owe a lot with this year's return(s).  Turbotax is showing vouchers for estimated federal and state taxes to be paid in 2025.  If we only have wages (with taxes withheld) and a pension (right now the entire amount being withheld for taxes since I set that up early in 2024 to pay for the Roth conversions) and a minimal amount of interest for 2025, and expect that the withheld taxes will cover our 2025 bills, do we still need to file estimated taxes?  If so, can we change the amounts on the vouchers to zero, or (if we have a windfall later in the year), the taxes that would be due on the income earned that quarter, rather than 1/4 of the amount of what we currently owe for 2024 (which seems to be the default)?

[DianeW777]

No, you do not need to send estimated taxes on your income for 2025. If something changes you can always do it at that time if necessary.

You can discard the vouchers or save them in case you need them.  It may not be possible to change the amounts.

[anonymouse1]

So we don't even file a voucher with a zero amount?  My husband did get a bonus last week, should we go through the instructions for filing estimated taxes and pay any difference between what would be owed on this quarter's income and what was withheld (from his paycheck, his bonus check, and my pension) if there is any?

[MaryK4]

No you do not send vouchers with zero.  If your husband's bonus was through work, they have special withholding rates so no additional should be necessary.  @anonymouse1 

[anonymouse1]

Should we go through the instructions for estimated tax payments anyway and figure it out?  If our taxable income (we do have CDs maturing this week) for this quarter results in an estimated tax bill after the withholding of $1 or more, should we file the voucher?  Then do you have to file each quarter once you start (at least for the rest of that year, until January 2026)?

[DawnC · Accepted solution]

You are not required to pay any of those estimated tax payments for next year.   You can prepare them and if you have more income next quarter than you estimated, make the payment.   See Why did Vouchers Print?  

You can certainly go through that section, enter your estimates and print updated vouchers.   How to print estimated tax payment vouchers.