2018 4Q Est Taxes due Tuesday

[GrayHare]

A reminder: the final estimated tax payment of 2018 is due on the 15th.

 

[24601NoMore]

Does anyone have a link handy to the IRS site that explains how to do this?

 

[Gill]

Just download Form 1040-ES and mail it in with a check.
Gill

 

[Involuntary Retiree]

https://directpay.irs.gov/directpay/payment?execution=e1s1

 

[gstillson]

If you have already paid 100% (110% to be safe) of what you owed in total for 2017, you don't have to pay any more right now.

I hope I have that right. I owe about $50,000 but I didn't pay much tax last year (like $600) and I made a 1Q 2018 estimated tax payment of $2000.

So essentially the IRS can go take a long walk off a short pier until April.

I can make a few hundred off that $50k by putting it in a saving account until then.

 

[socca]

2018 Form 1040-ES

 

[scrabbler1]

You can also use DirectPay, as described in another thread, to quickly and easily make the payment using ACH. I have been using it the last few years to make my 4th quarter estimated tax payment (the only one I make per year).

 

[audreyh1]

Already scheduled via eftps.gov

 

[karen1972]

Underpayment penalty of $2. Last year it was $17, so I'm getting closer.

I'm usually +/- $50 up until I plug in my ACA credits and then I'm way off.

 

[rk911]

Does anyone have a link handy to the IRS

https://www.eftps.gov/

we've been using this for years to set up auto debits from a bank account.

 

[W2R]

Already scheduled via eftps.gov

+1

I never have to think about these payments. Instead I choose to keep enough in checking at all times to cover them. I love this method because I am very forgetful and this way it is always paid right on time.

 

[jfn111]

I like to mail them a check because it takes them awhile to cash it.

 

[kgtest]

I like to mail them a check because it takes them awhile to cash it.

+1. And I mail this check around 3pm to make sure it takes that extra day

 

[Sunset]

Does anyone have a link handy to the IRS site that explains how to do this?

https://www.irs.gov/payments

I select "Direct Pay" as I use the free bank ACH payment.

 

[audreyh1]

I expect that my savings account will notify me around 8am tomorrow that the IRS has pulled out a pretty significant sum!!!

 

[Bryan Barnfellow]

I've been using the IRS direct debit site for about 6 years now and find it to be very useful. However, it would be more useful if you could schedule your four quarterly payments all at once. Instead, it only allows scheduling debits within a 30 day period of payment due date. So, I still need to program my calendar to remind me througout the year to schedule the others, one at a time.

-BB

 

[cranberryjoe]

I've been using the IRS direct debit site for about 6 years now and find it to be very useful. However, it would be more useful if you could schedule your four quarterly payments all at once. Instead, it only allows scheduling debits within a 30 day period of payment due date. So, I still need to program my calendar to remind me througout the year to schedule the others, one at a time.

-BB

The eftps.gov site lets you schedule all four payments at once.

 

[audreyh1]

The eftps.gov site lets you schedule all four payments at once.

Yes - this is a very nice feature. I have used it for the years where I set up equal quarterly payments, and it's so nice not to have to mess with it for a year!

 

[Bryan Barnfellow]

The eftps.gov site lets you schedule all four payments at once.

Thanks. I didn't know that was possible there.

-BB

 

[Singletrack]

Just paid in the safe harbor payment today using IRS DirectPay. That’s the bad news. I guess the good news is that I owed taxes...

 

[Sunset]

I expect that my savings account will notify me around 8am tomorrow that the IRS has pulled out a pretty significant sum!!!

They just notified me they pulled out my $$$ at 1:45 am EST.

Magically it was scheduled to occur just 21 minutes before my ACH into the bank happened.. My bank likes to play the game of catch someone short by manipulating the order of actions.

No, it won't cause an issue as I wasn't that short, since I learned about their ways.

 

[audreyh1]

They just notified me they pulled out my $$$ at 1:45 am EST.

Magically it was scheduled to occur just 21 minutes before my ACH into the bank happened.. My bank likes to play the game of catch someone short by manipulating the order of actions.

No, it won't cause an issue as I wasn't that short, since I learned about their ways.

A few years ago I switched to pulling from a savings account paying a decent yield so I can leave future taxes owed there and not worry about transferring funds in a couple days ahead.

Edited to add: I just got my notice of the withdrawal from my bank 7:44AM CST.

 

[statsman]

If you have already paid 100% (110% to be safe) of what you owed in total for 2017, you don't have to pay any more right now.

I hope I have that right. I owe about $50,000 but I didn't pay much tax last year (like $600) and I made a 1Q 2018 estimated tax payment of $2000.

So essentially the IRS can go take a long walk off a short pier until April.

I can make a few hundred off that $50k by putting it in a saving account until then.

Sounds similar to our situation. A one-time sale of our house in the Bay Area of California late last year that we owned for over 23 years (plus had deferred capital gains on the house we owned prior to that for 9 years) yielded a whopping capital gains tax bill (even after the $500K exemption). A first world problem, to be sure. A quick check in TurboTax last week yielded no late penalty.

 

[MarieIG]

Just got home from the post office.

 

[W2R]

My quarterly estimated tax payments (through EFTPS and through Louisiana's equivalent for state income tax) both showed up as "pending" when I logged into my checking account just now. Just like clockwork, as always.

In about a month I'll schedule my future EFTPS quarterly estimated tax payments to be paid in April, June, and September of 2019, as well as January of 2020. It only takes a few minutes a year to do that. But completing and submitting my 2018 income taxes comes next so that I can check and see how my estimates worked out this last time.