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Level 3
posted Apr 8, 2023 10:22:45 AM

Extension overpayment/Q1 Voucher

Can one combine the Q1 estimate with extension payment and do you also need to prepare the voucher?

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1 Best answer
Level 15
Apr 8, 2023 10:33:17 AM

yes you can combine them as the extension payment. pros do this all the time. - no 1040-ed voucher filed. make absolutely certain that you request any overpayment to be applied to 2023. failure to do this will result in a refund and then penalties for underpayment of 2023 estimated taxes.

 

4 Replies
Level 15
Apr 8, 2023 10:33:17 AM

yes you can combine them as the extension payment. pros do this all the time. - no 1040-ed voucher filed. make absolutely certain that you request any overpayment to be applied to 2023. failure to do this will result in a refund and then penalties for underpayment of 2023 estimated taxes.

 

Level 3
Apr 8, 2023 12:17:40 PM

Awesome, thanks!

Level 3
Apr 15, 2023 10:50:09 AM

@Mike9241is it okay to combine everything on 4868 line 7 and leave the rest blank?

Expert Alumni
Apr 17, 2023 9:41:25 AM

Yes, you can enter your payment amount (all inclusive) and leave the rest blank.  The Form 4868 is requesting an extension of time to file and should be approved with your payment. You do want approval for your extension so I would at least enter the same amount as the tentative balance due.  When you complete your tax return you will apply any excess payments to your 2023 estimated tax as indicated by Mike9241.