You'll need to sign in or create an account to connect with an expert.
The program produces these forms as a convenience for you to make estimated tax payments. You are not locked into those payments. The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability (i.e. through your W2) or make estimated tax payments. If you don't have enough withholding and you don't make estimated tax payments, then the IRS can charge you with an underpayment penalty.
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 view more information about this penalty at the link below.
The program produces these forms as a convenience for you to make estimated tax payments. You are not locked into those payments. The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability (i.e. through your W2) or make estimated tax payments. If you don't have enough withholding and you don't make estimated tax payments, then the IRS can charge you with an underpayment penalty.
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 view more information about this penalty at the link below.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
CelBar
Level 2
Stuartil5
Level 1
TaxReturnsRDue
Returning Member
taxgonzo68
New Member
jananeworleans
Returning 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.