I'm going to owe quite a bit due to underestimating my quarterly payments.
I've filed an extension due to a pending K-1.
In order to minimize penalties, I plan to pay as much as I can April 15 with my 4868 extension. Can I send payments in May and June using 1040-V or select the "Tax Return or Notice" option in Direct Pay to make additional payments for 2018? If I select quarterly payments, it defaults to 2019.
Thanks!
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Yes, you can make multiple payments (its easiest to use the Direct Pay option on the IRS website). But - as you have already discovered - make sure that you indicate that it is a payment for your 2018 Tax Return Form 1040 and do not select quarterly payments. It would be applied to 2019 and you will have a difficult time recouping that money.
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