Just making an example: if I make 4th quarter estimated tax payment(for both federal and state) in January 2020.
1) Will 4th quarter federal estimated tax payment be counted in 2019 federal tax return? I think it is true, but would like to confirm.
2) Will 4th quarter state estimated tax payment be counted in 2020 IRS Schedule A or 2019 IRS Schedule A?
3) Will 4th quarter state estimated tax payment be counted in 2019 state tax return?
4) Can I make 4th quarter estimated tax payment (for federal and state) in December 2019? Instead of January 2020.
Thanks.
#1 Yes, it is a 2019 payment.
#2 A state 4 qtr estimate in Jan 2020 would go on your 2020 schedule A next year. So I always pay the state in December.
#3 Yes same as #1. It is a 2019 estimated payment.
#4 Yes you can pay in December or anytime.
as to paying the forth quarter state estimate in December. 1) you have to be able to itemize otherwise paying early produces no federal tax benefit. 2) you tax deduction on schedule A for all other taxes (including previous state estimates and any balnce due for the prior year paid in the current year must be less than $10,000 ($5,000 married filing separate) otherwise again you get no federal tax benefit becuase under current tax law that's the limit for schedule A taxes.