Estimated

[rmcobb123]

I completed and submitted on-line my 2021 taxes and TurboTax had calculated an estimated payment for 2022 which is higher than needed due to reduction in income for 2022 over 2021. Is this estimate report to the IRS with my submittal or can I change it without resubmitting my taxes for2021? 

[HelenC12]

You can change the 2022 estimated tax amount without resubmitting your taxes. The IRS doesn't get your estimated tax amount information since that amount can change based on your personal tax situation. 

• Taxes are pay-as-you-go. The IRS is only concerned that you pay your tax during the year, as you receive income, rather than paying at the end of the year.

[bluedeb]

Yes, you can change the amounts, the estimated payments are not submitted to the IRS.  TurboTax automatically includes 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.