Estmated tax payments too high

[MommaTraveler]

My income for 2023 was artificially high due to extraordinary circumstances.  In 2024, my income will be 
just Social Security payments, interest and dividend income.   I am retired and have no withholding this year yet. 

Turbo Tax has calculated that I should be paying estimated taxes for 2024 TY. This is, of course, based on the artificially inflated income in 2023.

Do I have to pay this level of estimated taxes or can I pay a smaller amount given that my tax bill in 2024 will be much, much smaller?

I have used a Dinkytown tax calculator to estimate what my 2024 taxes will be. They are significantly less than the estimated taxes suggested.

[xmasbaby0]

You are not required to make estimated quarterly payments.    You can choose to ignore or shred those 1040ES vouchers if you want to.   The IRS does not see those.    The software prepared them based on the figures on your 2023 return.    If you do not expect to owe at least $1000 at tax time, you are fine to just prepare your 2024 tax return next year in 2025 and pay your tax due at that time. or if you want to pay smaller amounts of estimated payments, you can do that.

[NCperson]

@MommaTraveler go with the Dinky Town estimate....if the tax due is under $1000, there is no need to pay estimated quarterly tax payments. 

you are not beholden to what TT calculated.  

[VolvoGirl]

They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had a large capital gain. They are just a suggestion. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

You will avoid an underpayment penalty if your tax due next year is less than $1,000.

[Bsch4477]

Pay estimated tax based on your anticipated 2024 income.