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Level 2

Avoid penalty by paying 2019 estimated taxes late but before July 15th 2020?

Hi,

I was unable to pay most of my estimated tax in 2019 (only made one payment). TT now shows that I have a penalty because I didn't pay enough estimated tax. I'm wondering if I could just send the IRS one check that covers the entire estimated taxes I still owe from 2019 before the new federal tax day, July 15th. Or will I get fined either way because the payments are not spread out quarterly and on time? Hoping to avoid the penalty if at all possible.

 

Any help is appreciated, thanks!

 

4 Replies
Anonymous
Not applicable

Avoid penalty by paying 2019 estimated taxes late but before July 15th 2020?

 
Anonymous
Not applicable

Avoid penalty by paying 2019 estimated taxes late but before July 15th 2020?

paying the balance due for 2019 now will not reduce the 2210 penalties.  underpayment penalties are only computed through 4/15/2020.  paying after that date will not reduce them

 

Level 2

Avoid penalty by paying 2019 estimated taxes late but before July 15th 2020?

Thank you!! I was hoping that since the tax date was postponed to July 15th so would be the deadline for estimated tax. But guess that's not how it works . Appreciate your input! 

Level 15

Avoid penalty by paying 2019 estimated taxes late but before July 15th 2020?

I was hoping that since the tax date was postponed to July 15th

That is for your 2020 estimated tax payments. It has absolutely nothing to do with your 2019 estimated payment deadlines.

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