A couple of questions in one: Tax Extension and extra payment due, calculating penalty etc....

[davsea17]

So if I'm not able to pay the full estimated tax payments, and just pay a lower amount each quarter. 

Once tax time comes for 2022, and I file a paid extension form (4868 form) (and just put 100 towards the 1,000 balance due) ...and estimate I will owe an extra $1,000 on the taxes for 2022 on the extension form....  I won't complete until October 15th 2023 the final 1040 etc......

Will it be an issue after I file the extension to make smaller payment between April and October online? to try to make up the difference in what I owe?

And will that be a huge audit risk if I don't pay the entire balance due by October 15th? 

...and my 27th question lol..........can I estimate the penalties I would have and send a payment online also for the estimate of what I might owe? rather than their systems calculating it? 

It just worries me as I usually am quite good at getting all the payments in by the dates, but this year has been tough trying to keep up with them. Thanks!

[Anonymous_ · Accepted solution]

See https://www.irs.gov/payments/payment-plans-installment-agreements

[davsea17]

Thanks! Is it an issue if I dont' do a payment plan and just pay the balance due before filing the 1040 in October?

So I pay between April and October a few times to pay off the balance? 

Do I mark that anywhere on the 1040 I file by October 15th ? 

Thanks!

[fanfare]

Your total final tax is due by April 15. After that there is a penalty. IRS will send you a bill when you have paid all the tax.

If you can only estimate, to avoid this you may have to overpay with Form 4868 and then take a refund.

@davsea17 

Do I mark that anywhere on the 1040 I file by October 15th ? 

If you're paying bits and pieces after April 15 you build a credit with the IRS.

That doesn't change the "amount you owe" on Form 1040.