How can I cancel my estimate payments for 2022?

enrique-gutierre · ‎March 9, 2022

I am ready to file my 2021 taxes but I am seen an estimate payments voucher amount how can I cancel that I prefer to pay the full amount in 2023

MinhT1 · ‎March 9, 2022

The vouchers printed out for estimated taxes are for your convenience. They are not sent to the IRS.

If you do not wish to pay estimated taxes for 2022, just dispose of the vouchers. You do not have to cancel them.

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Mike9241 · ‎March 9, 2022

if you wait to 2023 and do not have enough taxes paid in during 2022, you will be subject to underpayment penalties. TT created the vouchers because what you owed for 2021 was more than allowed under the exceptions to the underpayment penalty. of course if you expect 2022 income to be less, the estimates may not be necessary

underpayment penalty applies if your withholding and timely estimated tax payments are not 90% of 2022 tax or 100% of 2021 tax (110% if your 2021 AGI was over $150K