I wanted to pay my Federal tax bill all at once. It appears it has been set up in payments, according to payment voucher forms. Can you verify this please

[AnthonyC · Accepted solution]

Take a close look at the vouchers - they likely say Form 1040ES on them and there should be four of them.  These are vouchers for you to make estimated tax payments for 2017 - not for paying your 2016 tax due. 

The program produces these forms as a convenience for you to make estimated payments for 2017.  The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability or make estimated tax payments.  If you don't have enough withholding and you don't make estimated tax payments, then the IRS or your state can charge you with an underpayment penalty.

But, you are not locked into those specific payments.  If you owed tax this year because of a one-time event and you won't owe next year, then you can decline to send any payments.  You can also decline to send the payments even if you will owe tax next year, but you may be assessed an underpayment penalty.  You can also adjust the amount of the payment at any time (higher or lower depending on anticipated income during the year) and you can pay directly online (link below).  You can view more information about this penalty and estimated taxes at the links below.

https://www.irs.gov/taxtopics/tc306.html 

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes 

https://www.irs.gov/payments