I recently found out I was supposed to file my taxes quarterly, but I didn’t, how do I pay them late? What are the penalties for not paying estimated tax payments on time?

[VolvoGirl]

The quarterly payments are just estimates.  You may owe an underpayment penalty if you owe too much on your final tax return.  You can pay some now.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

How to make the Estimated payments

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021.  The first 2 quarters are not due until July 15 this year.   Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate

[Carl]

How do I pay them late?

You can pay your 2020 quarterly taxes "right now" for the first two quarters of 2020 directly to the IRS at www.irs.gov/payments. When you pay, *PRINT* *YOUR* *RECEIPT*.

If your state also taxes personal income then you will have to pay your state quarterly taxes separately. How you pay your state depends on the state. Not all states accept online payments. So check at your states department of taxation website to see what options are available to you.

[jspear1366leg]

I paid my last quarter estimated tax of 2021 late. The tax was due on 01/15/2022 and I paid it late directly to the IRS site on 02/09/2022 (according to IRS receipt). My refund from the IRS which I received was exactly short the 4th. quarter tax amount I paid late on 02/09/2022. I put in the wrong date of 01/15/2022 when I claimed the 4th. quarter credit on my 1040 for 2021. Do I need to file an amended return to reflect the proper date? Also, I how do I make sure I got credit for my 4th quarter estimated tax payment?

Please advise and Thanks,

JKS

[Rainman12]

You can access the info you seek about your IRS account balance and payments made via your on-line IRS account. See https://www.irs.gov/payments/your-online-account 

The link also leads to instructions on how to establish an account. 

[VolvoGirl]

Since you paid it late it might have been entered as a 2022 1st quarter estimated payment for next year.

[jspear1366leg]

You are correct that didn't credit my last quarter estimated tax payment for 2021. I have copies of the receipt from IRS and my bank of the last quarter payemnt. I have been unable to reach the IRS. I have two questions?

1) Do I need to file an amended return for 2021?

2) Should I adjust my estimated tax payment for 2022?

Please acknowledge and advise,

JKS

[jspear1366leg]

You are correct that I wasn't  credited for my last quarter estimated tax payment for 2021. I have copies of the receipt from IRS and my bank of the last quarter payment. I have been unable to reach the IRS. I have two questions?

1) Do I need to file an amended return for 2021?

2) Should I adjust my estimated tax payment for 2022?

Please acknowledge and advise,