TurboTax usually includes 4 quarterly vouchers with your printout if you didn't withhold or pay enough tax each quarter and/or year. The program does this to avoid a possible underpayment penalty on next year's taxes. However, you're not required to make estimated tax payments; it's a suggestion based on the info in your return.
Per CO State Estimated Individual Income Tax Payment Vouchers booklet (104EP):
General Rule
In most cases, you must pay estimated tax if you expect to
owe more than $1,000 in net tax for 2018, after subtracting
any withholding or credits you might have.
Required Payments
The required annual amount to be paid is the smaller of:
- 70% of the actual net Colorado tax liability, or
- 100% of the preceding year’s net Colorado tax liability. This
rule only applies if the preceding year was a 12-month tax
year, the individual filed a Colorado return, and the federal
adjusted gross income on that return was $150,000 or less
(or, if married filing separately, $75,000 or less), or
- 110% of the preceding year’s net Colorado tax liability. This
amount applies only if the preceding year was a 12-month
year, and the individual filed a Colorado return.
Please feel free to review the following link(s) and the link(s) embedded on the webpage(s) for more information:
