Reply To: Missed sending in my estimated tax for 2017

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#2303
Kaye Thomas
Moderator

I assume you’re talking about 2018, not 2017.

It sounds like you would qualify for the prior year safe harbor and therefore would not have had to pay more than the amount from the previous year, or about $500 per month, to avoid a penalty. I’m not sure why the software would have generated vouchers in a larger amount, but one possibility is that it was set to have you pay the amount it calculated as the actual estimated amount of tax you’ll owe rather than the minimum amount needed to avoid an estimated tax penalty.

In any event, you should not send in these vouchers. The IRS doesn’t want to see them. They are used for one purpose only: to make sure the check you sent with the voucher gets credited to the proper taxpayer account. Don’t sent them now, and don’t send them with your tax return. You can throw them out. When you prepare your tax return, TurboTax will determine whether you owe a penalty for underpayment of estimated tax. If so, it will generate Form 2210 and you’ll have to pay a little extra with your return. That’s all there is to it. There’s no stigma, and the penalty isn’t very large.