Those estimated tax payment vouchers print out for a convenience, and you do not have to use them.
TurboTax will automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. This is just to head off a possible underpayment penalty on next year's taxes.
You also may get these vouchers if you're self-employed or had an unusual spike in your income this year. For example, if you sold stock or you took a large distribution from your retirement plan.
You're not required to make estimated tax payments; TurboTax is 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.
TurboTax asks you about these payments because to avoid a penalty, you need to make estimated tax payments if you expect to owe $1,000 or more in taxes for the year—over and above the amount withheld from your wages or other income.
You must pay your taxes as you go throughout the year through either your withholding or making estimated tax payments to the IRS
At filing time, if you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment.
Click here for additional information about estimated payments to the IRS.
Click here for common questions about estimated taxes.
Click here for additional information about estimated taxes.
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