missed quartery payments

[Niesen1]

I earn self-employment income from seasonal employment.  Also my spouse is regularly employed with payroll deductions.  In the past I have made regular quarterly tax payments.  This year, somehow I blanked on making my June payment.  I usually don't make one in April because I don't have income to support it until Summer.

Can I make a single payment in September equal to the amount I paid with my quarterly payment last year without penalty?  Or, what would you recommend that I do?  I am earning more this year, so far, than I did last year.  I am considering paying extra.  That sounds like a separate question though.

[JanetKT]

@Niesen1

Hope all is well despite missing a quarterly payment.

So you seem to indicate that most of your income is earned during the summer months making so income earned June 1 to August 31 would be due September 15.

If you are earning more than you can up your estimated tax payment for September 15.  

If you end up with a penalty next year that you should use the annualized method of calculating any underpayment penalty as this method would take account income earned during certain months and can help reduce or eliminate any penalty.  (https://www.irs.gov/instructions/i2210 this link will take your to the instructions on how to complete if needed).

Here is the link for the IRS instructions for estimated tax should you need https://www.irs.gov/pub/irs-pdf/f1040es.pdf.

If you need any clarification please let me know and thanks for reaching out during this live event!

Regards,

Janet CPA