Vouchers

[NekoKeno]

I am paying our Balance due for 2019 with a paid in full check..

Why are our vouchers for 2020 so high per each quarter when our 2020 income should not be higher than 2019? 

The 2019 balance due divided by 4 should be close to enough for 4 ( 2020 tax year) vouchers.  The current 4 vouchers for 2020 are 1.6 higher than the 2019 Balance due.

Having said that, we probably will get a penalty for over paying 2020. 8-| 

Can we bump up our withholding taxes and forgo the vouchers?

[VolvoGirl]

It's based on your tax liability not your tax due.  You can try to adjust them.  Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

The 1040ES Estimates are optional to pay.  The IRS won't be expecting them.  You can cross out the amount and pay what you want.  Or pay directly online at  https://www.irs.gov/payments

Or get the blank forms and fill them out yourself

https://www.irs.gov/pub/irs-pdf/f1040es.pdf 

[VolvoGirl]

Yes you can increase your withholding to cover any increase in income like from dividends and investments instead of paying estimates.