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mariel-af
New Member

I do not owe any money but my returns include payment vouchers for 2020?

 
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2 Replies

I do not owe any money but my returns include payment vouchers for 2020?

If you are receiving a refund or low tax due and TurboTax prepared the vouchers then your tax liability was probably reduced by credits. Your Tax Liability is the amount on 1040 line 12b.  It is the tax you owe on your income.  But you might qualify for credits that can reduce your tax due or even give you a refund.

 

 

Turbo Tax is very conservative and doesn't want you to owe next year.  They might have printed out if you got a big one time increase in income.   like if you took a IRA or 401K Withdrawal or had a big stock gain.  They are optional to pay.  They don't get sent in with your tax return so the IRS won't be expecting them.  You can ignore them.

ThomasM125
Expert Alumni

I do not owe any money but my returns include payment vouchers for 2020?

Those would be your estimated tax vouchers, to be used to pay estimated taxes. If you don't owe any tax for 2019, and you made no estimated tax payments in 2019, then you probably don't need to pay any estimated tax for 2020, in which case you can discard the vouchers.

 

You only need to pay in estimated tax if you owe tax because your tax withheld from your income is not sufficient to meet your tax obligations.

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