Reading these questions make me realize I might be responsible for quarterly filing which I haven't done. Will you tell me more about 1) the penalty, and 2) if there is a way to correct the mistake and pay the missed quarter(s)?
Hello @ayaa .
The IRS requires taxpayers to submit their withholding/estimated tax payments as you go instead of waiting until the end of the year. If you try to wait until the end of the year and pay it all with the return, you can be subject to penalties and interest for the late payments. I would make your 3rd quarter payment when due and your 4th quarter payment by January 15, 2024. Make sure to mark the 4th quarter payment as a payment for 2023.
These articles will explain about pay as you go and ways to avoid the estimated tax penalty.
@ayaa As a follow up, you can make the last 2 quarter payments higher to make up for the missed quarters. For example if you were supposed to pay $100 each quarter but missed the 1st and 2nd quarter, you could pay $200 for the 3rd and 4th quarter to make up for the missed payment.