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I got three slips for estimated tax to pay starting this month? What is that?

Forum|Forum|6 years ago
April 11, 2019
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Hi- When I printed my return, I got three slips for Estimated tax to be paid starting this month. Why is that?

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Best answer by Kat11_2

The TurboTax program prints those vouchers (1040-ES) as a "suggestion" if you owed taxes when you filed this year. If you are certain that you don't need to make quarterly estimated tax payments, you can disregard those vouchers. See the TurboTax FAQ linked below for more explanation.

https://ttlc.intuit.com/questions/1901092-why-did-1040-es-estimated-tax-vouchers-print-out-do-i-need-them

Kat11_2Answer

The TurboTax program prints those vouchers (1040-ES) as a "suggestion" if you owed taxes when you filed this year. If you are certain that you don't need to make quarterly estimated tax payments, you can disregard those vouchers. See the TurboTax FAQ linked below for more explanation.

https://ttlc.intuit.com/questions/1901092-why-did-1040-es-estimated-tax-vouchers-print-out-do-i-need-them

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

bluedeb

TurboTax prints estimated tax payments if something in your current return suggests you may need to make them. You're not required to make estimated tax payments.

Why did 1040-ES estimated tax vouchers print out? Do I need them?

https://ttlc.intuit.com/replies/3301872

Do I need to make estimated tax payments to the IRS?

https://ttlc.intuit.com/replies/3301891

bluedeb

The following will help you to determine if you need to make the estimated payments.

To determine whether you need to make quarterly estimates, answer these questions:

Do you expect to owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this year? If so, you're safe—you don't need to make estimated tax payments.
Do you expect your federal income tax withholding (plus any estimated taxes paid on time) to amount to at least 90 percent of the total tax that you will owe for this tax year? If so, then you're in the clear, and you don't need to make estimated tax payments.
Do you expect that your income tax withholding will be at least 100 percent of the total tax on your previous year's return? Or, if your adjusted gross income (Form 1040, line 37) on your tax return was over $150,000 ($75,000 if you're married and file separately), do you expect that your income tax withholding will be at least 110 percent of the total tax you owed for the previous year? If so, then you're not required to make estimated tax payments.