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jody-m-olsen
New Member

Why do i have estimated payments for next year

I have had to make estimated tax payments in previous years, but I don't understand why I'll need to make them again this year.
2 Replies
Heather14
New Member

Why do i have estimated payments for next year

We'll automatically include 4 quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do 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.

jody-m-olsen
New Member

Why do i have estimated payments for next year

But if enough was withheld and we're actually receiving a tax refund, why do I still have quarterly vouchers?

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