Hi,
We have an overpayment on our 2020 federal and state taxes, and have elected to have those amounts applied to our 2021 quarterly estimated tax payments. TurboTax shows using them to reduce our first (04/15/21) quarterly payment, then making larger payments for the three remaining quarters. I'm wondering if there is any reason why we can't make four equal payments for the estimated taxes, after subtracting the overpayment amounts?
For instance, if we estimate we'll owe $4,000 in federal taxes in 2021, and we had a $400 overpayment in 2020, TurboTax tells us to pay $600 on 04/15/21 (making it $1,000 with the overpayment), and $1,000 on 06/15/21, 09/15/21 and 01/15/22. I'd like to pay $900 for each payment, keeping our budget more level. Any reason I can't do that? I would think not, since I'm actually paying more tax up front - $1,300 vs $1,000.
Thanks!
