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myworld69in2003
New Member

Why did I get individual estimated income tax vouchers for calendar year 2017?

 
1 Best answer

Accepted Solutions
AnthonyC
Level 7

Why did I get individual estimated income tax vouchers for calendar year 2017?

The program produces these forms as a convenience for you to make estimated tax payments.  You are not locked into those payments.  The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability (i.e. through your W2) or make estimated tax payments.  If you don't have enough withholding and you don't make estimated tax payments, then the IRS can charge you with an underpayment penalty.

If you owed tax this year because of a one-time event and you won't owe next year, then you can decline to send any payments.  You can also decline to send the payments even if you will owe tax next year, but you may be assessed an underpayment penalty.  You can view more information about this penalty at the link below.

https://www.irs.gov/taxtopics/tc306.html  

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1 Reply
AnthonyC
Level 7

Why did I get individual estimated income tax vouchers for calendar year 2017?

The program produces these forms as a convenience for you to make estimated tax payments.  You are not locked into those payments.  The program will produce them automatically if you owed tax as the government requires you to withhold enough tax to cover your tax liability (i.e. through your W2) or make estimated tax payments.  If you don't have enough withholding and you don't make estimated tax payments, then the IRS can charge you with an underpayment penalty.

If you owed tax this year because of a one-time event and you won't owe next year, then you can decline to send any payments.  You can also decline to send the payments even if you will owe tax next year, but you may be assessed an underpayment penalty.  You can view more information about this penalty at the link below.

https://www.irs.gov/taxtopics/tc306.html  

View solution in original post

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