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Level 2
July 2, 2020
Question

Estimated Tax

  • July 2, 2020
  • 4 replies
  • 20 views

I was anticipating to receive additional income in early 2020 and intended to make an estimated tax payment in July 2020, but I didn't receive the additional income. Is it acceptable to hold back on making any estimated tax payments to either September 2020 or January 2021 until I actually receive the income? 

    4 replies

    fanfare
    Level 15
    July 2, 2020

    your estimated tax payments to the IRS should track your income.

    Bonnie111Author
    Level 2
    July 2, 2020

    Thanks for confirming!

    VolvoGirl
    Level 15
    July 2, 2020

    Yes.  The estimates are optional to pay and the IRS won't be expecting the amount at a certain time.

    Bonnie111Author
    Level 2
    July 2, 2020

    Perfect! Thank you