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Level 1
posted Mar 6, 2021 3:09:31 PM

Why did TurboTax print out four 1040-ES forms? I have not, and will not need to pay estimated taxes while we are both employed and have taxes deducted from our checks.

0 2 409
2 Replies
Level 15
Mar 6, 2021 3:13:07 PM

If you do not expect to owe at least $1000 at tax time next year then just pitch those 1040ES forms out.  You are not required to use them.   If you think you will owe then it is a good idea to pay quarterly so that you do not end up with a big tax bill or penalty at tax time next year.

Level 15
Mar 6, 2021 3:15:44 PM

Turbo Tax is very conservative and doesn't want you to owe too much next year.  If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. They might have printed out if you got a one time large income this year like if you took a IRA or 401k distribution.  They are optional to pay and do not get sent with your return so the IRS won't be expecting them.