Estimated taxes .. Can you pay once for the year in the 1st quarter?

Sorry .. I can't seem to find a definite yes or no answer for this.

Instead of paying every quarter, can you overpay your estimated taxes for Quarter 1 to cover the whole year and not send anything for quarters 2,3,4? Or will you still get a penalty for not paying anything or filing anything for those quarters remaining?

Thank you

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1 Best answer

Expert Alumni

Feb 27, 2024 12:02:39 PM

Yes, if you make that single payment for the first quarter, that will satisfy the requirements assuming the amount paid meets the requirements.

The reason is that the first quarter is on time and the second, third , and fourth quarters are paid early.

Expert Alumni

Feb 27, 2024 12:02:39 PM

Yes, if you make that single payment for the first quarter, that will satisfy the requirements assuming the amount paid meets the requirements.

The reason is that the first quarter is on time and the second, third , and fourth quarters are paid early.

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Estimated taxes .. Can you pay once for the year in the 1st quarter?