You'll need to sign in or create an account to connect with an expert.
No. 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. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.
to avoid penalties for 2024 you must have enough withheld and/or enough in timely estimated taxes to meet either test.
1) 90% of 2024 tax
2)100% of 2023 tax (the 100% rises to 110% if your 2023 adjusted gross income was over $150,000)
estimated taxes are deemed paid for the period in which received while the default for withholding is 1/4 each period. you can use actual withholding for each period
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Blingy
New Member
TomG6
New Member
KarenL
Employee Tax Expert
mlpdx
New Member
Embers
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.