Instead of paying my 2020 Estimated Tax quarterly over 4 installments, can I pay the total amount of all four 2020 Estimated Tax now (for example, June 15, 2020)?

[ngpatrick99]

Bank interest rate is so low that I do not mind that I pay the whole combined amount now, instead of stretching it quarterly over 4 installments.  Is there a penalty if I pay the whole amount now?

[Anonymous · Accepted solution]

yes you can or you can pay 2 or 3 of the quarterly estimates now and te others by their due date.  if you wish you can register at the IRS website to authorize an electronic withdrawal from your checking or savings account using IRS Direct Pay.  such payments never get lost in the mail but you do have to enter your correct social security, bank routing and account numbers.  

https://www.irs.gov/payments/direct-pay

[ngpatrick99]

HACKITOFF -

Thx for speedy reply.  I know I sound/look dumb to pay all 4 quarters of 2020 estimated tax now!  Time to pay Turbo to file & forget tax, get outdoor, do something else before another possible covid-19 shelter-in-place lockdown!

Just want to make sure IRS & my state dont charge a penalty fee for paying the whole year amount early like now.  Yes, I will use IRS Direct Pay & my State's Web Pay!  Dont want to set up some account with them to deduct quarterly estimated tax automatically (one less account name & one less password to keep track)!   

Thx again,

Patrick