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b_bales
New Member

I received payment vouchers for estimated tax for next years 2017 taxes, am I required to pay this now ,because I do not even know if my income will be the same

 
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JaimeG
New Member

I received payment vouchers for estimated tax for next years 2017 taxes, am I required to pay this now ,because I do not even know if my income will be the same

We'll automatically include 4 quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes.

You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan. 

You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.

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1 Reply
JaimeG
New Member

I received payment vouchers for estimated tax for next years 2017 taxes, am I required to pay this now ,because I do not even know if my income will be the same

We'll automatically include 4 quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes.

You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan. 

You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.

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