Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Apr 16, 2023 12:56:15 AM

What to do when overpayment/applied refund results in $0 estimated taxes?

I scheduled quarterly estimated state taxes but see that last years' overpayment and applied refund erases the need for 2023 estimated payments as $0 are due.  The question is, can I just eliminate these payments altogether?  At first I had quarterly payments set to all zeros to be debited from my bank, but at a later point, in Review, the system seems to dislike this and can't go beyond it.  Is it OK to just forget about estimated taxes when none are owed?  And where on the site and how do I do this?  Many thanks.

0 2 577
2 Replies
Level 15
Apr 16, 2023 5:41:19 AM

Q. Can I just eliminate these payments altogether?  

A. Yes. They are essentially optional.

 

Q.  Is it OK to just forget about estimated taxes when none are owed?  And where on the site and how do I do this?

A.  There is nothing for you to do. Just ignore the vouchers TT prepared. They are not "filed" until you actually mail them. 

Level 15
Apr 16, 2023 5:48:44 AM

IRS requires you to estimate your 2023 tax and make equal Estimated Tax installments accordingly.

It's your job to do that.

 

That's not exactly optional if you want to avoid penalty.

 

@redz7yadhjjqy8jk