Hello, I downloaded my 2023 tax return and noticed that I had quarterly 1040 ES vouchers. I made a tax payment of $9K when I filed my return. Do I pay these?

[tdiler]

.

[rjs]

The payment that you made with your tax return was for 2023. The 1040-ES vouchers are for 2024. One has nothing to do with the other.

The vouchers are TurboTax's calculation of how much estimated tax you should pay for 2024. They are not sent to the IRS, and you are not required to pay them. (You have already missed the due dates for the first two payments.) Having a $9,000 payment due on your tax return certainly suggests that you should be making quarterly estimated tax payments. You are paying penalties and interest because you paid all your tax when you filed your tax return instead of paying during the year. One way or another you should determine how much you should pay. If you estimate your total tax for this year, pay 3/4 of it by September 15, since you have already missed the April and June payments, and pay the rest by January 15. You can use the vouchers from TurboTax, cross out the amount and write in what you are actually paying, or you can download a blank Form 1040-ES from the IRS web site. Another option is to pay online directly from your bank account using Direct Pay on the IRS web site. If you use Direct Pay you don't need a voucher at all.

[tiffani-thompson]

Thank  you so much for your help on this. If I don't pay these on a quarterly basis will the estimated tax be apart of my 2024 tax bill? I just so happen to need my 2023 return today and this was the first time I've seen these vouchers. I didn't get an email or notification about them so I missed the first 2 payments. I'm a little confused on why I would have estimated taxes for 2024. I received retirement money in 2023 and the $9K that was paid was for that amount because it increased my income. For 2024 I'll have my normal income and I typically receive a tax refund so it's confusing/shocking that I had vouchers for payments.

[tdiler]

No,  they do not attach to your future taxes.

That other person that replied gave a very good summary of the estimated tax voucher topic.

If you do not anticipate owing a relatively large tax bill (such as your one time  2023 ) on your future 2024

taxes to be filed, simply ignore these vouchers. 

You are fine.

Delete this worry out of your mind. 

[tdiler]

The vouchers are just  computer generated  figures assuming that you will have a similar

tax liability in the next filing year.

Since that is not the case they are meaningless to you.

[tiffani-thompson]

Thanks! That eases my mind. I def won't have a large tax liability this year like I did in 2023. 

[VolvoGirl]

@tiffani-thompson   The 1040ES are estimates for next year. 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. They are optional to pay. 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. 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.

[rjs]

@tiffani-thompson 

"If I don't pay these on a quarterly basis will the estimated tax be apart of my 2024 tax bill?"

It would be part of your 2024 tax bill if you actually had to pay that much tax for 2024. But based on what you said, you will not have to pay that much tax. The 1040-ES vouchers do not get added into your 2024 tax. Your 2024 tax bill will be based on only your actual 2024 income.

"I'm a little confused on why I would have estimated taxes for 2024."

TurboTax calculates the estimated tax for 2024 based on your 2023 income. It assumes that you will have the same income in 2024. Since you had an unusual jump in income in 2023, that made the estimates for 2024 much higher. TurboTax didn't know that you would not have that same high income in 2024, so it produced the vouchers.

If you had gone through the "Review Your Estimates" topic in TurboTax you would have been able to give it your own estimates of your 2024 income, but apparently you didn't do that. The solution now, as others have suggested, is to just ignore the vouchers. Forget about them.