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Estimated Income Tax-June 2020
05-24-2020, 02:06 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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Estimated Income Tax-June 2020
The April EIT (#1) was pushed back to July due to CCP virus issues. The next scheduled EIT payment due is June (#2). Has anyone heard if that date has been changed, since #2 should follow #1?
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Part-Owner of Texas
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In dire need of: faster horses, younger woman, older whiskey, more money.
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05-24-2020, 02:12 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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Wow, I'd heard the 2nd payment would need to be made before the 1st payment is made. So I used the Google machine to be sure, and found this. I had NO idea:
https://www.irs.gov/faqs/estimated-t.../individuals-2
"June 15 - Extended to July 15, 2020"
So 1 & 2 are both due July 15, I think. I'll wait for someone to prove me wrong.
__________________
FIRE Class of 2018 @ 61
Old men and women sit in the shade of trees they planted long ago
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05-24-2020, 02:54 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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05-24-2020, 03:01 PM
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#4
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Quote:
Originally Posted by KB
I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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+1
Same here. Other than keeping enough $$ in my bank account to cover them when they are deducted, I don't even think about them. I'd really rather not!
Honestly it is not a hardship for me to keep paying my estimated taxes as always, although I know it probably is for many whose situations are different from mine.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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05-24-2020, 03:11 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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I'm going to mail off all 4 of them;
1) What I owe
2) First estimated
3) Second estimated
4) CA estimated
On the 6th of July. In separate envelopes.
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05-24-2020, 04:00 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 1,551
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Quote:
Originally Posted by KB
I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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A+
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"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
Shown @ The End Of The Movie 'Runaway Train'
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05-24-2020, 04:45 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,134
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Quote:
Originally Posted by KB
I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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Same here. I'd rather pay 3 smaller tax bills than one big huge one. Mentally, it hurts less.
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And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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05-24-2020, 05:59 PM
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#8
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Full time employment: Posting here.
Join Date: Sep 2007
Location: mpls, mn
Posts: 763
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Quote:
Originally Posted by SumDay
Wow, I'd heard the 2nd payment would need to be made before the 1st payment is made. So I used the Google machine to be sure, and found this. I had NO idea:
https://www.irs.gov/faqs/estimated-t.../individuals-2
"June 15 - Extended to July 15, 2020"
So 1 & 2 are both due July 15, I think. I'll wait for someone to prove me wrong.
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+1 this is what i have also read.
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05-24-2020, 06:18 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,702
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Quote:
Originally Posted by KB
I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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+1
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Dispatcher, then shift supv, then administrator for a regional 9-1-1 call center
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05-25-2020, 05:59 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,001
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Yep - we’ve got three payments planned for July 15. I guess I had better schedule them.
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Retired since summer 1999.
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05-25-2020, 06:14 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 1,136
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I paid my 1st qtr taxes on the regular date. Since I have a couple of closings scheduled for June I may wait until July 15th and factor in the June commissions into the payment.
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05-25-2020, 08:18 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,653
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July is going to be a blockbuster for us - our biggest monthly spend since retiring. 2019 tax payment, Q1-2 2020 tax payments, 2020 property tax payments.
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05-25-2020, 08:25 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,280
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Quote:
Originally Posted by KB
I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.
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Yah. We paid our state and fed taxes and quarterlies in April and will do our June quarterlies at the normal time. Poor old Unca Sammy and the Oregon and California governments have way to much going out and can use our little cash infusion.
Not like we are going to make a bunch at 1.15% over the next month and a half.
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"Be kind whenever possible. It is always possible." Dalai Lama
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05-25-2020, 08:37 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,200
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Thanks, I hadn't caught the latest Fed update though it makes sense, instead of 1st in Jul and 2nd in Jun.
I paid 1st state est taxes in Apr and skipped Fed.
I'll pay 2nd state est taxes in Jun, and 1st and 2nd Fed in Jul now (was planning Jun).
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-25-2020, 08:58 AM
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#15
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Recycles dryer sheets
Join Date: Nov 2017
Location: Green Bay
Posts: 226
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Quote:
Originally Posted by jebmke
July is going to be a blockbuster for us. 2019 tax payment, Q1-2 2020 tax payments, 2020 property tax payments.
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+1
FYI, some states are matching the Fed dates and some are not.
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05-25-2020, 11:32 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,008
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We paid both State and Fed at the regular time.
Still have not finished our tax return, so a bit of guess at the amount.
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Fortune favors the prepared mind. ... Louis Pasteur
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05-25-2020, 01:38 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,200
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Quote:
Originally Posted by Splash
+1
FYI, some states are matching the Fed dates and some are not.
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And some are matching Fed dates but not waiving underpayment penalty dates - e.g. you could pay Jul 15 and still owe a penalty on the 1st quarter. My state wasn't and then changed later. FWIW.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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