Uh What if we do not make the quarterly estimated payments toward 2019 taxes that are included in our return packet? Are there consequences?
You have given us vouchers for quarterly estimated tax payments. We cannot afford to make those payments, and they will not be needed for 2019. Do we just ignore them? Will there be consequences for not making those payments?
01399
1 Replies
VolvoGirl
Level 15
Jun 4, 2019 1:09:18 PM
You can ignore them. But if you owe too much next year you may have a penalty.
Turbo Tax is very conservative and doesn't want you to owe next year. They might have printed out if you got a big one time increase in income. like if you took a IRA or 401K Withdrawal or had a big stock gain. They are optional to pay. They don't get sent in with your tax return so the IRS won't be expecting them. You can ignore them.