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This year I am getting a refund, last year, I paid estimated taxes, but I no longer have the business, do I have to pay estimated taxes?

I am working for any employer now and have taxes taken out.
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1 Best answer

Accepted Solutions
JotikaT2
Employee Tax Expert

This year I am getting a refund, last year, I paid estimated taxes, but I no longer have the business, do I have to pay estimated taxes?

It depends.

 

If you have enough taxes being withheld to ensure you are paying all of your taxes due with your return, you most likely do not need to make estimated tax payments.

 

What are estimated taxes?

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3 Replies
JotikaT2
Employee Tax Expert

This year I am getting a refund, last year, I paid estimated taxes, but I no longer have the business, do I have to pay estimated taxes?

It depends.

 

If you have enough taxes being withheld to ensure you are paying all of your taxes due with your return, you most likely do not need to make estimated tax payments.

 

What are estimated taxes?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

This year I am getting a refund, last year, I paid estimated taxes, but I no longer have the business, do I have to pay estimated taxes?

So, do I just ignore the created vouchers or are the estimated tax vouchers still sent to the the IRS?  Does the IRS, get a record of the estimated taxes. Thanks for your help.

DeanM15
Expert Alumni

This year I am getting a refund, last year, I paid estimated taxes, but I no longer have the business, do I have to pay estimated taxes?

You can ignore the Form 1040ES for estimated payments that the program provides you. The IRS does not know of the existence of the forms unless you send the forms to them. They are created for your convenience only.

 

The IRS keeps track of any estimated payments that you send them but does not keep track of the forms themselves. 

 

@tmsmodel

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