Question

Self employment quarterly estimated tax payments

Forum|Forum|4 years ago
October 27, 2021
1 reply
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I saw on another post that if we filed using your product for 2020, that we were sent the vouchers for estimated tax quarterly payments.

we can/should use these to make quarterly payments for this current 2021 tax year- am I correct in my understanding?

NancyDrew

Yes. If you prepared and filed your 2020 tax returns with TurboTax, and had an outstanding tax balance due, then TurboTax automatically generates four quarterly 1040-ES vouchers with your printout. You are not required to make estimated tax payments -- we suggest doing so, however, in order for you to avoid potential underpayment of tax penalties for the 2021 tax year.