Need confirmation: No penalty on Q4 tax estimate if I pay tax in full by Jan 31 2025?

[teatime1]

From IRS: "You do not have to make the payment due on January 15, 2025, if you file your 2024 tax return by January 31, 2025 and pay the entire balance due with your return."

Want to double check my understanding - No penalty on Q4 estimate tax if do what the statement suggested?

[dmertz · Accepted solution]

Your Q4 tax payment will be considered to have been made timely if you file your tax return and pay the balance due by January 31.  Effectively, the balance due paid in this way will be treated as if it had been paid on January 15.

[SteamTrain · Accepted solution]

True...but if you don't have all your proper tax forms yet, or are dealing in any way with a form that will not be ready in TurboTax software on-time....then you might not be able to file your taxes by then.

What happens if you file on 30 Jan and indicate the payment, and get a rejection of your file from the IRS on 1 Feb?  All of a sudden you are late and the 31st filing can no longer be done.

Just beware.

[teatime1]

thank you!

[teatime1]

good point!