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New Member
posted Apr 9, 2024 9:23:54 PM

I don’t understand the estimated tax payment if all I receive is a W-2 form. Where would I find my estimated tax payment or if I even need it?

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2 Replies
Level 15
Apr 9, 2024 10:33:20 PM

IRS requires you to anticipate your tax and pay tax through withholding, Estimated Tax Payments, or a combination of both.

If your paycheck withholding covers your tax, then you don't need to make any other payments.

Learn more about Estimated Tax on the IRS website.

 

@lanebailey1244 

Level 15
Apr 9, 2024 10:35:03 PM

The estimates are optional to pay. They don't get sent to the IRS with your return so they won't be expecting them. If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. They might have printed out if you got a one time large income this year like if you took a IRA or 401k distribution. You can ignore them if you want. They are just a suggestion.