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New Member
posted Feb 22, 2023 11:32:57 PM

Why did I get 1040 ES ?

This is the first time using Turbo tax and I am confused why I got 1040 ES (4 payment voucher)

 

1. I am just an employee, I don't do stock or got any income from other source other than my paycheck

2. I am supposed to get tax refund. it is only like $135, but still I am not owing anything

 

I don't understand the meaning of "if I owe more than $1000 in tax."  if I got the refund, then I don't owe anything right?

Do I have to may those 4 payments? 

I just have W2 and my tax gets deducted from my pay check

0 4 3727
4 Replies
New Member
Feb 22, 2023 11:44:37 PM

You do not need to pay estimated taxes for 2023 if you are definitely receiving a refund for 2022.  The only thing I can think of is that perhaps they are assuming you may owe taxes next year.  Even so, you do not need to make these payments.  Ignore the vouchers.

Hope this helps...

Debbie

Level 15
Feb 22, 2023 11:59:08 PM

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

New Member
Feb 23, 2023 5:55:07 AM

if i get some kind of tax refund, then i dont owe anything right? so i dont qualify if i owe more than $1000 category? 

plus i get taxed on my paycheck 

Expert Alumni
Feb 27, 2023 6:44:04 AM

Regarding your questions: 

If I get some kind of tax refund, then you don't owe anything right? 

  • No, that's not necessarily true. You may get a refund but you still may owe income tax. The rule is that you must pay your taxes as you go throughout the year through withholding or making estimated tax payments.
  • If at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment.

So I don't qualify if I owe more than $1000 category? 

  • Not sure what you're asking but, to determine whether you need to make quarterly estimates, one of the questions is, "Will you owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this year? If so, you're safe—you don't need to make estimated tax payments.."

Regarding why TurboTax printed estimated tax vouchers: 

  • TurboTax will automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. TurboTax does 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; we're just 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.