Estimated Taxes

[Cambrionario]

Can I pay estimated taxes in 3rd and 4th quarter if I did not pay in the first 2? If I do that and end up not owing taxes at the end of the year, will I get a refund? Any negative impacts if that happen (besides borrowing my money for free)?

I just want to be on the safe side. This is my first year in US as resident, and 1st tax return. Thanks

[rjs]

Yes, you can make estimated tax payments for the 3rd and 4th quarters, even though you did not pay for the first two quarters. If you end up paying more than necessary, you will get a refund of the excess when you file your tax return after the end of the year. There is no negative impact except, as you said, losing use of the money.

Usually people pay estimated tax only if they have significant income from which no tax is withheld. If your primary income is from a job where taxes are withheld and you get a W-2 at the end of the year, it might not be necessary to pay estimated tax. You can use the IRS Tax Withholding Estimator to figure out what you should each put on the W-4 form that you give to your employer to make sure that you have enough tax withheld.

[pk]

@Cambrionario , what do you mean by  first year as a resident followed by  suggestion that this is first US return?  Please tell-- (a) what visa are you on;  (b) when did you enter the USA;  (c) did you have any days present in the USA during 2016, 2017 in addition to 2018   ( for any cause and under any visa );  (d) which country are you from.   First  you have to determine if you are a  US resident ( GreenCard )/ resident for tax purposes  / Non-Resident Alien,  because  while form 1040 is supported by TurboTax, the  form 1040-NR  ( for non-resident filing ) is not.  You could also be dual status tax payer.  Please answer the questions above.

Absolutely agree with @rjs , to the extent  that you are a form 1040 filer.