Quarterly Tax Question

[Drake3287]

Last year because of all the CD interest I was expected to earn I paid both Federal and State quarterly taxes which worked out fairly well. Ended up getting a few dollars back from each after doing my taxes today.

When I printed out my taxes, Turbo Tax automatically printed out the 2024 quarterly tax coupons but with the state coupons it only printed out 3 quarters worth unlike the Feds which was 4. Based on the amount due on these coupons, the 3 state payments pretty much add up to what I was expecting to pay. I just assumed though that quarterly taxes are always 4 payments and not 3.

Anyone else have experience in just having 3? Thanks

 

[SecondCor521]

Not specifically.

States can and do have different rules from the federal government. My state, for example, accepts but does not require quarterly payments. So for folks that want to pay quarterlies to my state, the usual thing is to print out the single estimated tax payment form four times and send it in at the same time as the fed quarterlies - again, not required but some folks like to do it that way.

The general suggestion would be to look at your state's income tax instructions and see what they require in the way of estimated payments.

Guesses as to why only three:

1. Your state only does the first three, and the fourth is just with your regular state tax filing.
2. You printed duplex and the fourth copy is on the back of some other page.
3. Your printer glitched or you glitched, and the fourth payment page is there somewhere in the pile of 50 pages.
4. You're already after the first payment is due, so TT is smart enough to skip the first one.
5. You didn't put in anything on the TT input screen for one of the estimated state quarterlies, so TT didn't print one out for that one.
6. Other.

 

[Jerry1]

6. Other

Are you sure you didn’t apply the current refund to the next year?

 

[EastWest Gal]

6. Other

Are you sure you didn’t apply the current refund to the next year?

That was my guess too. I only have to make two federal payments for 2024 as my refund was applied to the first two quarters. My state income taxes are higher because the state treats all income as equal, so I will be making four quarterly payments.

 

[dunkelblau]

Apparently California Franchise Tax Board requires three payments per year:
https://www.ftb.ca.gov/pay/estimated-tax-payments.html#When-to-pay

I knew about the 3/yr system but always thought it was optional? I've been sending mine in four equal installments and haven't had any issue so far. The 540-ES form has four payment slips, not three, so I wonder if they require us to send a $0 check on September 16, 2024?

 

[RetiredAndLovingIt]

I only make three estimated payments in California.

 

[Midpack]

I apply my Fed and State tax refunds to the next year, and I got 4 Federal and 4 State quarterly estimated vouchers. Might be specific to your state? I have NEVER used a snail mail estimated tax voucher anyway - all my payments/refunds are online...

 

[Drake3287]

Thanks everyone, yes I'm in California also. Guess I'm good then.