On this page, the IRS says
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Normally, estimated taxes are due on April 15 and June 15. I understand the April payment may be deferred until July. What about the June payment? I read the above as the June payment is still due in June even though the April payment is postponed until July. Is this right, or is there more information I'm missing?
You'll need to sign in or create an account to connect with an expert.
It does sound a little weird at first, but I believe that is correct. The idea is that estimated payments normally due on 4/15 are supposed to be for income earned between 1/1 and 3/31 (mostly before the shutdown). People impacted financially by the virus presumably did earn normal income during most of that period and set estimated tax money aside, but now have no ongoing income and need that money to live on. Because of the virus, they are now permitted to delay the estimated payment until July.
The 6/15 payment is for income earned from 4/1 to 5/31. I think the idea is that if you had normal income during that period, you should have no problem making the usual payment. On the other hand, if you did not have normal income during that period, you would not owe much, if anything, in June.
Come June, you should take a close look at your situation and probably recalculate your estimated payments for the entire year. You may have slipped into a lower tax bracket.
Circling back in case anyone lands on this thread, the June payment date is also extended to July.
It does sound a little weird at first, but I believe that is correct. The idea is that estimated payments normally due on 4/15 are supposed to be for income earned between 1/1 and 3/31 (mostly before the shutdown). People impacted financially by the virus presumably did earn normal income during most of that period and set estimated tax money aside, but now have no ongoing income and need that money to live on. Because of the virus, they are now permitted to delay the estimated payment until July.
The 6/15 payment is for income earned from 4/1 to 5/31. I think the idea is that if you had normal income during that period, you should have no problem making the usual payment. On the other hand, if you did not have normal income during that period, you would not owe much, if anything, in June.
Come June, you should take a close look at your situation and probably recalculate your estimated payments for the entire year. You may have slipped into a lower tax bracket.
Circling back in case anyone lands on this thread, the June payment date is also extended to July.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mitchden1
Level 3
Think57
Level 3
jetlife2
Level 2
jwhite6559
New Member
jadaadams44
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.