topic Quarterly Estimated tax payments in After you file

Quarterly Estimated tax payments

gofastmikey — Fri, 04 Dec 2020 18:13:50 GMT

I have been paying IRS estimated quarterly taxes for a number of years electronically through direct payment from my bank. I totally forgot to make the June 15 and September 15 estimated payments this year (2020). I did pay the April 15 estimated tax. What is the process for paying the two missed payments? Do I go to the direct payment site and make the individual payments for the missed dates? Do I designate what quarters they are for? Will penalties be calculated at the time I submit the late payments?

Re: Quarterly Estimated tax payments

Bsch4477 — Fri, 04 Dec 2020 22:29:31 GMT

You can’t make the payments retroactive. Just pay the combined June and September as soon as you can. This year the April and June payments deadline was July 15.

Re: Quarterly Estimated tax payments

gofastmikey — Fri, 04 Dec 2020 23:09:12 GMT

Thanks for the help Bsch4477. What about a penalty, when and how does it get implemented?

Re: Quarterly Estimated tax payments

Bsch4477 — Fri, 04 Dec 2020 23:16:08 GMT

If you owe less than $1,000 or have withheld an amount equal to your previous year’s tax liability you might not have a penalty. In any case, that will be calculated when you file your 2020 return.

Re: Quarterly Estimated tax payments

gofastmikey — Sat, 05 Dec 2020 01:20:10 GMT

Can I make the combined payment a Direct payment electronically or should I send in the payment with the payment vouchers?

Re: Quarterly Estimated tax payments

Bsch4477 — Sat, 05 Dec 2020 02:12:51 GMT

You can do it electronically.