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Estimated Tax question
Old 09-24-2014, 04:38 PM   #1
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Estimated Tax question

I paid ET this year already 3 times and my next payment is due on 1/15/15

Will that payment counted into my itemized deductions for this year?

I am in CA
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Old 09-24-2014, 04:44 PM   #2
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State estimated tax payments are only deductible in the year paid. So in your scenario, only if you make the estimated payment on or before 12/31/2014.
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Old 09-24-2014, 04:48 PM   #3
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I have never understood why the fourth quarter payment is Jan 15 of the following year !
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Old 09-24-2014, 04:55 PM   #4
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It is a conspiracy to sucker people to defer getting benefit of the deduction for their last quarter state estimated tax payment for a year.

Actually, I have no idea either.
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Old 09-24-2014, 06:08 PM   #5
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I have never understood why the fourth quarter payment is Jan 15 of the following year !
It is consistent with the other payments being due about 2 weeks after the end of the previous month so taxpayers have enough time to figure out what they need to pay. The 4th quarter's payment due date is probably the most important because many estimated taxpayers will receive year-end income on or about December 31st so they will need that time to figure out what they will owe.
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Old 09-24-2014, 06:16 PM   #6
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I have never understood why the fourth quarter payment is Jan 15 of the following year !
Because you don't always know your income until after the end of the year? Nothing keeps someone from paying early.
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Old 09-24-2014, 06:24 PM   #7
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Because you don't always know your income until after the end of the year? Nothing keeps someone from paying early.
Isn't this also true (although not as often) of the other due dates ? Hence, the use of the word "estimated".
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