estimated pre-payments for 2024 taxes

Forum|Forum|2 years ago
February 20, 2024
1 reply
0 views

Do these estimated payments HAVE to be paid in the stated increments on the stated dates or can I just send a check for it all now?

DawnC

Level 15

No, you are not required to do anything with those estimated tax vouchers for 2024. If you are required to make estimated payments, yes, you can pay them anytime before the due date without penalty.

We'll automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes. You may get these vouchers if you're self-employed or had an uncharacteristic spike in your income this year. For example, you sold stock or took a large distribution from your retirement plan. You're not required to make estimated tax payments; we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.

If you want to adjust the amounts on your vouchers for next year, follow the instructions in this link.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Nance5Author

Level 2

I was already penalized for not paying last year. I retired and only received one paycheck but the estimates were for using my old income. Also, I did not realize my pension wasn't withholding tax. So, I had to pay a penalty. But, taking the time to send in 4 separate payments seems silly when it's not that much. I just could not find any info saying I could just send it all in at once. Even the tech who called me didn't know and when she "looked it up" she said I HAD to send 4 separate checks.

SteamTrain

Level 15

Both my brothers send in just one total estimated payment, (usually a couple weeks before the 15 April deadline to avoid last minute complications).

Then they don't have to remember to send in the next ones.....and don't care if the Govt is getting free use of the funds for the entire year.....but a lot might depend on how big that payment is.

You could do the same thing...or, just make sure you get your Pension withholding started, and if it looks like it will cover everything for 2024, you could totally ignore the estimated tax forms (The IRS doesn't get told they were created). Don't forget state withholding too if your state taxes pension income.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*