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bingling
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IRS says most california residents can automatically extend to Oct 16,2023. Do tax payments also get extended?

Hi, per irs website, there is an extension to file tax return for most California residents to Oct 16,2023.

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-severe-winter-storms-flooding-a...

 

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Jan. 8, 2023, and before Oct. 16, 2023, are granted additional time to file through Oct. 16, 2023. As a result, affected individuals and businesses will have until Oct. 16 to file returns and pay any taxes that were originally due during this period. 

The Oct. 16, 2023, deadline also applies to the quarterly estimated tax payments, normally due on Jan. 17, 2023 and April 18, 2023. This means that individual taxpayers can skip making the fourth quarter estimated tax payment, normally due Jan. 17, 2023, and instead include it with the 2022 return they file, on or before Oct. 16.

It seems that we can wait to file and pay until Oct this year. And the quarterly estimated payment can also be extended to Oct. Just want to confirm, is there any penalty and interests for late payment?

 

California state return is also extended to the same date, but the website states clearly that extension to file is not extension to pay. 

https://www.ftb.ca.gov/file/when-to-file/extension-to-file.html

 

Can we just file and pay the state tax first by April 18? But wait until Oct to pay federal tax? Any penalty and payment?

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2 Replies

IRS says most california residents can automatically extend to Oct 16,2023. Do tax payments also get extended?

California, albeit reluctantly, followed the IRS and allows tax filings and payments to be delayed until Oct 16th for residents of the 51 counties listed under the federal disaster declaration.

IRS says most california residents can automatically extend to Oct 16,2023. Do tax payments also get extended?

" will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before Oct. 16, 2023."

 

Form 2210 requires equal estimate tax installments for each quarter.

then you will have to ask IRS to calculate your penalty and hope that they apply this exception.

 

Are you under duress or hardship,?

If no, there's no reason to miss the April 18th deadline.

 

@bingling 

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