Q. Money received on Sept 15 (same date as the 3rd quarter tax payment) does that income count towards the last quarter payment ?
A. Yes. The 4th tax quarter is actually 4 months long Sep 1 to Dec 31. See @NCperson reply below.
Q. I am wondering if I will receive a late penalty?
A. Probably not.
A penalty is due if for the current tax year if both of the following apply:
- 1. You owe at least $1,000 in tax for the current tax year, after subtracting your withholding, quarterly estimates and credits.
- 2. Your withholding and credits are less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return. (110% if your AGI was more than $150K) . Your prior year tax return must cover all 12 months.
