audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- no penalties for pre-pay of course! Only for late payments.Uh oh. I paid my April and June quarterly estimated payments at the same time (in fact, in the exact same payment). I paid $600x2 = $1200. I didn't see anywhere to designate which quarter I'm making estimated payments for. Hopefully the IRS won't mind getting the 2nd quarter payment a little early
How is it designated? The form you mail in with each payment indicates the quarter. With EFTPS you only assign the tax year for any estimated tax payment. But in all cases, when you file your taxes you report to TurboTax, for example, the dates you made each payment and that is used to determine whether things were "on time".
If you lumped everything into one payment for two quarters, it could cause a bit of confusion (Q1 was $1200, Q2 was $0), but tax program should be able to reconcile it all and show the amount you paid was ahead of schedule.
I noticed my Dad paying his quarterly estimated taxes early, and I think he was worried about missing the dates. So this year my Dad's tax preparer had him pay for the whole year with his first quarterly payment - this is for the estimated amount above what is already withheld from his pension. She says she does this for several of her elderly clients, including her own Dad. My Dad was quite pleased with this solution.
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