Quarterly Estimated tax payments
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Returning Member

Quarterly Estimated tax payments

I have been paying IRS estimated quarterly taxes for a number of years electronically through direct payment from my bank.  I totally forgot to make the June 15 and September 15 estimated payments this year (2020).  I did pay the April 15 estimated tax.  What is the process for paying the two missed payments?  Do I go to the direct payment site and make the individual payments for the missed dates?  Do I designate what quarters they are for?  Will penalties be calculated at the time I submit the late payments?

5 Replies
Level 14

Quarterly Estimated tax payments

You can’t make the payments retroactive. Just pay the combined June and September as soon as you can. This year the April and June payments deadline was July 15. 

Returning Member

Quarterly Estimated tax payments

Thanks for the help Bsch4477.  What about a penalty, when and how does it get implemented?

Level 14

Quarterly Estimated tax payments

If you owe less than $1,000 or have withheld an amount equal to your previous year’s tax liability you might not have a penalty. In any case, that will be calculated when you file your 2020 return. 

Returning Member

Quarterly Estimated tax payments

Can I make the combined payment a Direct payment electronically or should I send in the payment with the payment vouchers?

Level 14

Quarterly Estimated tax payments

You can do it electronically. 

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