Solved: Can I lower estimated tax payments for next year? I owe the Fed Govt $3000 for 2018. TurboTax calculated estimated $1500 per quarter. Can I pay $750 per quarter, = $3000?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Can I lower estimated tax payments for next year? I owe the Fed Govt $3000 for 2018. TurboTax calculated estimated $1500 per quarter. Can I pay $750 per quarter, = $3000?

 
1 Best answer

Accepted Solutions
Highlighted
New Member

Can I lower estimated tax payments for next year? I owe the Fed Govt $3000 for 2018. TurboTax calculated estimated $1500 per quarter. Can I pay $750 per quarter, = $3000?

You can pay whatever you want to pay. You do not have to follow the calculated payments. However, if you do not pay 100% of the prior year's (2018) tax or 90% of the current year's (2019) tax liability, you will have to pay an underpayment penalty next spring.

If you do not think that will be an issue, then you can just "edit" the existing 1040-ES to match whatever payment you send in.

View solution in original post

1 Reply
Highlighted
New Member

Can I lower estimated tax payments for next year? I owe the Fed Govt $3000 for 2018. TurboTax calculated estimated $1500 per quarter. Can I pay $750 per quarter, = $3000?

You can pay whatever you want to pay. You do not have to follow the calculated payments. However, if you do not pay 100% of the prior year's (2018) tax or 90% of the current year's (2019) tax liability, you will have to pay an underpayment penalty next spring.

If you do not think that will be an issue, then you can just "edit" the existing 1040-ES to match whatever payment you send in.

View solution in original post

Privacy Settings