Accounting for estimated quarterly payment on January 15 for 2022 taxes

[cmorristax]

I’m going to make a payment for quarterly estimated taxes for the 2022 tax year for Oklahoma (and federal) on January 15, 2023. Am I able to account for the OK payment on my 2022 return? I recall something from last year that didn’t allow me to list this payment (the state payment, but not the federal payment) because it fell in January of 2022 for the 2021 tax year.

[VolvoGirl]

Not on federal but it will count on the state return.   I always make the 4th quarter payment before Dec 31 so the state counts on my current federal return if I itemize deductions.  

[SteamTrain · Accepted solution]

In the software, you will still add it in as a 4th Quarter OK estimated tax payment...and the exact date you paid it.

The software then uses it as an OK 2022 credit,,,,,AND...either uses it as a potential federal income deduction for 2022....if you paid it in 2022, or defers it to a 2023 deduction, if you waited until Jan 2023.

If you paid your 2021 OK 4th Qtr payment in Jan of 2022...then that would be a potential 2022 Federal income deduction, and there is a place in the quarterly estimates area to enter the "prior Year" 4th quarter OK state estimated payment to get that added in as a potential Federal deduction.....if paid in Jan of 2022

(I use the word "Potential" because it only takes effect on your Federal tax return, if you end up using itemized deductions for the particular Federal tax year in question)

[Mike9241]

yes.  in the online program (and even the desktop version is step mode) as you go through the steps, you will be asked about state and federal (estimated) tax payments. you'll be able to enter the 2023 payments meant for the 2022 tax year. for the state, besides the date and amount, there's a dropdown box to select the state - a must. for federal purposes, however, you will not get a tax deduction for the 2023 state payment until you file your 2023 return in 2024.