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moonslc
New Member

I received four copies of Form 1040-ES when I printed my 2016 Tax Return. The first voucher is dated YESTERDAY. Will I be penalized for making that payment late?

 
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AmandaR1
New Member

I received four copies of Form 1040-ES when I printed my 2016 Tax Return. The first voucher is dated YESTERDAY. Will I be penalized for making that payment late?

The penalty calculation for underpaying quarterly taxes is extremely complex. However, the penalty isn't calculated until next year's return. It's best to just submit your quarterly payments as soon as you can. As long as you pay in at least 100% (or 115% if income is greater than 150k) of this year's line 44 Total Tax during 2017, there's no penalty for your late payment. 

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AmandaR1
New Member

I received four copies of Form 1040-ES when I printed my 2016 Tax Return. The first voucher is dated YESTERDAY. Will I be penalized for making that payment late?

The penalty calculation for underpaying quarterly taxes is extremely complex. However, the penalty isn't calculated until next year's return. It's best to just submit your quarterly payments as soon as you can. As long as you pay in at least 100% (or 115% if income is greater than 150k) of this year's line 44 Total Tax during 2017, there's no penalty for your late payment. 

View solution in original post

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