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Why did it set me up to make payments on the estimated taxes I will owe next year?

Is there a way to change it? It gave me vouchers to print out to mail to the payments due
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2 Replies
dantelman
New Member

Why did it set me up to make payments on the estimated taxes I will owe next year?

The IRS uses a formula, if you did not withhold enough federal tax, or have investments that generated additional taxable income, then you need to make estimated payments for 2024. The IRS generally calculates what those should be based on the tax you withheld in 2023, vs the tax you owed.

In general you don't want to owe more than a few hundred dollars in tax.

Why did it set me up to make payments on the estimated taxes I will owe next year?

You can ignore them.  The estimated payments are optional to pay. They are estimates for next year. Turbo Tax doesn't want you to owe next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had investment gains.    They DO NOT get sent to the IRS or state with your return.  The IRS won't be expecting them.

 

You might want to adjust your withholding at work so you won't owe too much next year.  They don't get sent with your tax return to the IRS or state.

 

If you want to pay some you can adjust them.  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

 

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