562482
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

What "problems" occur with the state (Mo) if TT recommends paying estimated state taxes but none are paid?

I am Ca resident. All my Mo income is farm operation without withholding.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DDollar
Expert Alumni

What "problems" occur with the state (Mo) if TT recommends paying estimated state taxes but none are paid?

The only problem that will occur is that if you owe Missouri tax, you may have a penalty for underpayment of tax when you file your tax return.  Your tax owed is supposed to be paid as earned, throughout the year.  Failure to do so results in a penalty.

View solution in original post

3 Replies
DDollar
Expert Alumni

What "problems" occur with the state (Mo) if TT recommends paying estimated state taxes but none are paid?

The only problem that will occur is that if you owe Missouri tax, you may have a penalty for underpayment of tax when you file your tax return.  Your tax owed is supposed to be paid as earned, throughout the year.  Failure to do so results in a penalty.

What "problems" occur with the state (Mo) if TT recommends paying estimated state taxes but none are paid?

In my case, the tax liability is only a few hundred $. Accepting a small penalty may be easier than the trouble of paying estimated taxes. Does this approach increase the likelihood of additional undesired attention / audit?
DDollar
Expert Alumni

What "problems" occur with the state (Mo) if TT recommends paying estimated state taxes but none are paid?

No, it shouldn't.  You can probably go online and make estimated payments by having the drafted from your account.  And make sure you pay any tax owed by the filing deadline (without extension) otherwise additional penalties will be incurred.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question