Paying estimated tax using eftps

[walkinwood]

This is the first time I'm trying to use EFTPS to pay estimated tax.


I don't see a 1040-ES form in EFTPS. Do I just select 1040?


If someone can help list the steps, I'd appreciate it. Thank you.

 

[Tadpole]

Chose 1040 in the drop-down box. The next page lists the various 1040s, the first of which is the Estimated 1040ES one. (But read the list and make sure it is still listed first.)

 

[audreyh1]

Chose 1040 in the drop-down box. The next page lists the various 1040s, the first of which is the Estimated 1040ES one. (But read the list and make sure it is still listed first.)

+1

Make sure you enter the correct year for the 1040-ES, such as 2024.

And they let you schedule all 4 payments at once. 4 different entries on the same page.

 

[Canoesmith]

Does anyone know at what dollar amount IRS penalties for underpayment occur - or when the IRS notifies you of a penalty? I owe $1300 this year and it didn’t seem to set off any penalty that I know of when I did my taxes on Turbo Tax.

I’m looking into the EFTPS route myself for 2024.

 

[audreyh1]

If TurboTax didn’t assess any penalty I doubt you owe any penalty.

 

[jldavid47]

Does anyone know at what dollar amount IRS penalties for underpayment occur - or when the IRS notifies you of a penalty? I owe $1300 this year and it didn’t seem to set off any penalty that I know of when I did my taxes on Turbo Tax.

I’m looking into the EFTPS route myself for 2024.

Per the IRS:

"Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers, fishermen, and certain higher income taxpayers. Please refer to Publication 505, Tax Withholding and Estimated Tax, for additional information."

 

[RetiredHappy]

I had a $4 penalty even though I was owed a refund of almost $3K. It was automatically taken out of my refund. I used TT.

 

[xlf11]

You can either use your registered bank account or change to other account and you will receive an email with conformation # for each scheduled payment. The system will remind you again a few days before the scheduled withdrawal.

 

[walkinwood]

Chose 1040 in the drop-down box. The next page lists the various 1040s, the first of which is the Estimated 1040ES one. (But read the list and make sure it is still listed first.)

+1

Make sure you enter the correct year for the 1040-ES, such as 2024.

And they let you schedule all 4 payments at once. 4 different entries on the same page.

Thank you. Much appreciated.

 

[audreyh1]

Just make sure you have adequate funds in the account.

These days they email reminders but just a couple of days ahead. But you still have time to cancel the scheduled payment if needed.

 

[evilanne]

I had a $4 penalty even though I was owed a refund of almost $3K. It was automatically taken out of my refund. I used TT.

"The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty."
https://ttlc.intuit.com/turbotax-su...etting-refund/L9peuH4xn_US_en_US?uid=lup2oqv0