Yes, you can adjust an overpayment in the first quarter and reduce a future payment.
Estimated tax payments are controlled by you, but regulated by the IRS.
- The IRS requires you to "Pay as you go."
- That means that you must pay enough each quarter to cover the money that you earned.
- Your income can change during the year, and you can make adjustments.
You will have to prepare a new 1040-ES if you want to make a change.
- See a blank on pages 10 & 11
If you just want to make an adjustment you do not have to do the calculation, you can simply fill it by hand.
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