Est Taxes

[Killebrew3]

If my 1st qtr est tax pmt was more than enough to meet my full year tax obligation, do I still need to make est tax pmts for 2nd, 3rd and 4th qtr?

[VolvoGirl]

No.  The 1040ES estimates are optional to pay and were not sent to the IRS with your return so they won't be expecting them.  You can throw them out or even cross out the amount to pay a different amount.

[Killebrew3]

Thanks, but optional to pay?  Not in my case...I am retired and I do not have taxes withheld from my distributions.

So, in order to avoid penalties for under withholding, I have to make est tax pmts.

I just happened to make a large pmt for my 1st qtr est pmt -- more than enough for the full year obligation

[TomD8]

If the estimated payment you made is sufficient to cover your full year's tax obligation, there is no need to make additional payments.

Penalties come into play when payments are late or insufficient.  You can find the details in this IRS reference:  https://www.irs.gov/taxtopics/tc306

[Killebrew3]

Thank you