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Level 1
posted Mar 7, 2020 11:50:59 AM

My federal & state returns were refunds. Your summary printed page shows that I should send in quarterly estimated payments. Why is this?

0 2 331
1 Best answer
Intuit Alumni
Mar 7, 2020 12:13:15 PM

Estimated tax payments may print out if you are self-employed, your income increased significantly, or you made estimated payments in a prior year.  

 

Here is a link with more details:  Estimated payment vouchers.

 

You are not required to make the estimated payments, they are a "suggestion" to help keep you penalty proof.

2 Replies
Intuit Alumni
Mar 7, 2020 12:13:15 PM

Estimated tax payments may print out if you are self-employed, your income increased significantly, or you made estimated payments in a prior year.  

 

Here is a link with more details:  Estimated payment vouchers.

 

You are not required to make the estimated payments, they are a "suggestion" to help keep you penalty proof.

Level 2
Apr 20, 2020 8:24:38 AM

Thank You,

I had the same issue after I took a one time early withdraw from my 401k.  I usually get about 2K back, but this year only a few hundred.  TT suggested $500 quarterly payments.  If I did I would probably get back 4K next year.  Shred those suckers I say!