If I can't pay estimate amount when filing extension, can I just pay the amounts online in a few months? Or do I need a payment plan?

[davsea17]

If I file an extension and estimate an amount of about 1,000 more than I have paid in estimated taxes for the year.

Can I just make several online payments at random to the IRS? to make up the amount instead of getting a formal payment plan?

And will that cause any big issues once I finally get the final 1040 filed in October?

(I'm talking of 2022)

Thanks!

[Critter-3]

The IRS will gladly take payments from you at any time for any reason in any amount ... getting on a payment plan is not  required.  

[davsea17]

So I pay between April and October a few times to pay off the balance? 

Do I mark that anywhere on the 1040 I file by October 15th ? 

Or how to calculate the late payment penalty? 

Thanks!

[Critter-3]

So I pay between April and October a few times to pay off the balance?   You can do that.

Do I mark that anywhere on the 1040 I file by October 15th ?  There is no place on the 1040 to do that ... the IRS knows what you paid ... just send in any balance due you did not already pay.

Or how to calculate the late payment penalty?  The IRS will bill you for any underpayment or late payment penalties or interest  after you file.   This is nothing you can do yourself. 

[davsea17]

Thanks! 

Do you think it would be better to underpay or overpay the balance due between April and October before filing the 1040 in October?

Since they will calculate the tax penalties or refund if overpayment?

I'm guessing overpayment would be better? 

[Critter-3]

Always best to pay earlier rather than later.