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Level 2
posted Oct 27, 2022 7:14:09 AM

TurboTax shows a refund, but PDF gives me a mail-in payment form

I just noticed this, because TurboTax shows that I get a small refund for my federal taxes (for 2021, which I filed on the extended deadline of 10/17/22), so I thought I was done. But when I just checked the PDF of all my paperwork, the first pages are Form 1040-ES Payment Voucher (four of them). Now in looking at the small print (needed my glasses), these are for estimated tax. But they're due in the past, except for the last, which is due 1/17/2023. 

 

Can I safely ignore these? Why are they here? I've never noticed such things before. Thanks for any help you can give.

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1 Replies
Level 15
Oct 27, 2022 7:18:33 AM

TurboTax will automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes.

 

You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan.

 

You're not required to make estimated tax payments; it is just a suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.