If you received 1040es vouchers does that mean you have to pay in tor owe IRS

[lenahja]

So do you have to pay the amount on the 1040es vouchers

[lenahja]

I'm getting a refund back in federal and state so why would four 1040es vouchers print out

[IsabellaG]

Is there an amount printed on them for you to pay? Did you pay estimated tax last year? If not, ignore them even if they did print out.

[lenahja]

Its got 1,038 printed in the corner very small but I didn't have to pay in the last three years.

[lenahja]

My income is the same every year 33,000 and with held 3,300 in federal every year

[IsabellaG]

In the situation you describe, there is no reason for you to pay estimated taxes. As long as your withholding and income remain the same you can ignore the 1040ES. If for some reason your income goes up or your situation changes, you would change your W-4 with your employer, not start paying estimated taxes.

[lenahja]

So it's a possible that this is an error. Have u ever seen this happen before and a client didn't have to pay those voucher

[IsabellaG]

It's likely that it is an error. I don't know if at one point in the preparation of your return you looked at the estimated tax section, but it's possible that generated the vouchers. But again, if your income and withholding is the same or close to the same  every year and nothing will change this year as far as you know, then the vouchers aren't necessary, and you should ignore them, regardless of why they were generated by the program.

[lenahja]

Ok thank u so much

[IsabellaG]

You're welcome!

[IsabellaG · Accepted solution]

Not necessarily. Did you wind up owing $1000 or more for 2016? If so, it's possible that you would need to make estimated tax payments for 2017 in order to avoid a penalty next year. If your situation is the same for 2017 as it was for 2016, you should consider making these payments with the 1040ES vouchers.

If you respond here with specifics about your situation I may be able to give you more detailed advice.

[midtown]

I have a similar situation. I am paying $2000 in 2016 and Turbo issued vouchers totally $4000. In 2016 I cashed in stocks to pay for my daughters college. I would not do that again in 2017....1st time being asked to prepay taxes...appreciate any help