I have finished filing my 2013 taxes and they are in the 'accepted' stage. When I printed the return I noticed estimated payments for 2014 with 4 vouchers. I've never seen this before on my taxes and I'm trying to understand why they printed.
I understand that TurboTax (TT) provided you with four payment vouchers for 2014 and you would like some explanation as to why. We would be more than happy to provide you with that explanation. The vouchers that were printed were estimated tax payment vouchers for if you're not withholding enough taxes from your income. We want our TurboTax customers to reduce or eliminate underpayment penalties, and paying quarterly estimated taxes is one way to do that.
However, it is still up to you to decide whether to pay estimated taxes or not. To help you make that decision, see Calculate Federal Estimated Taxes.I hope I have answered your question. If you found this helpful Thumbs up are always appreciated. Feel free to contact us with any other questions or concerns. Remember we are here to help!
Have a wonderful day. :)
They are for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS with your return. They are optional to pay. Turbo Tax is very conservative and doesn't want you to owe too much 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. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.
If you are receiving a refund and TurboTax prepared the vouchers then your tax liability was probably reduced by credits.
I understand you would like a bit more explanation regarding the vouchers. Not a problem! :) If you click this link: Calculate Federal Estimated Taxes. It will help you decide whether to pay the estimated taxes or not. At this time, it really is up to you whether you use the vouchers or not. We just wanted to provide them to our customers to make things simpler for next year. If you believe you are paying enough into taxes and TT is providing you with the vouchers you may want to speak to your employer regarding your W-4 form.
Have a wonderful day. :)
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