My W4 is setup correctly. I had some taxable gambling winnings in 2022 so I owe taxes for it. But why is it saying I need to send in vouches with $800 quarterly in 2023? What is this? I've never done estimated tax payments before so I don't understand why I need to now. Without the gambling winnings, I would have gotten a refund.
The estimates are optional to pay. They don't get sent to the IRS with your return so they won't be expecting them. 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. You can ignore them if you want. They are just a suggestion.
They definitely need to make that more clear.
Also, TT is supposed to be intuitive. It knows I had gambling winnings, it should have recognized that and not put in the estimated tax payment vouchers based on gambling winnings. Way to scare someone!
You probably skipped that section of the interview but the program does address it.
I did go through it when it asked and I chose no, I wasn't concerned about them nor did I make them last year.
That's why it was a shock to see them on the printed one.
Regardless, my point still stands. With all the tax changes in the last few years, I thought maybe it was something new but TT should be more intuitive than that for what they charge.
See this TurboTax support FAQ for calculating 2023 estimated tax payments - https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-...