I got large refund for 22 fed. This was largely due to change in income for this year and ES was calculated based on last year. Why do I have to pay ES again for 2023?

With such a large refund shouldnt I not have to pay ES for this year except if i expect to incur more income in my side businesses?

Level 15

Mar 10, 2023 9:08:03 AM

Right. You can ignore them.

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.

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I got large refund for 22 fed. This was largely due to change in income for this year and ES was calculated based on last year. Why do I have to pay ES again for 2023?