Estimated Tax Payment Form
April 9th, 2007
Question: tax help! 1040-ES?
I just filed my taxes using Turbo Tax e-filed and printed my tax summary. On the summary it states: “your return indicates the following Estimated Tax Payments are to be paid using Form 1040-ES” and it has four payments due 4/15/08, 6/16/08, 9/15/08, and 1/15/09. I did owe this year and paid it in full. I also had a loan against my 401K and switched jobs so I paid tax and fee for “early withdrawl” of that money. My employer withholds tax throughout the year. Why are they asking me to fill out this 1040-ES form? Is this something I need to worry about? (this is the first year that I owed money and that was due to the 401K loan/disbursement) Please help!
Answer: They are asking you to file this form so that you can pay your taxes now rather than next year when you go to file. If you believe that your taxes will look different next year, then dont do it. This is not a necessary form to fill out. They are only doing it for your benefit.
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