For tax year 2023 I am projected to pay thousands of dollars fed tax for 1st time. Our printed Turbotax form prints out mandatory QTR payments slips for 2024. Why?

[tomchismar]

Next year (and years after) I expect fed tax refunds.  Must I pay the estimated tax even though it is part of the form Turbotax sends to USG?  

[xmasbaby0]

Those 1040ES vouchers are NOT mandatory.  They are not for paying your 2023 federal tax due.    Your 2023 tax due has to be paid by April 15, 2024 --- or you need to set up a payment plan with the IRS for paying your 2023 tax due.

The 1040ES vouchers are for making estimated payments toward what you could owe next year in 2025 for your 2024 tax due.  They are not sent to the IRS with your tax return.

They are optional.   You do not have to use them.   If you expect to owe at least $1000 at tax time next year, using them or making estimated quarterly tax payment can help prevent a big tax bill next year and help prevent an underpayment penalty.  But the choice is yours--use them or toss them, shred them, ignore them.

[xmasbaby0]

If you need to set up a payment plan for the large ("thousands") tax bill you owe for 2023--

https://www.irs.gov/payments/online-payment-agreement-application

[keiphus08]

If you needed to pay taxes this year (and you should have, based on income), then TurboTax assumes you didn't pay enough along the way. (NOTE: If significant, you may need to pay a penalty).  Since TurboTax assumed you didn't pay enough for this year, it assumes you will be making the same next year and will provide estimated tax installment sheets (per quarter).

Each year is independent.  So, if you know that next year that you will not need to make estimated payments, you can ignore them.  To avoid any penalty, though, taxes should be paid in the quarter that you've earned the income, capital gains, etc.