Estimated Income Tax-June 2020

[mickeyd]

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?

 

[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-tax/individuals/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.

 

[KB]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

 

[W2R]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

+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.

 

[RobbieB]

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.

 

[ownyourfuture]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

A+

 

[MissMolly]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

Same here. I'd rather pay 3 smaller tax bills than one big huge one. Mentally, it hurts less.

 

[mn54]

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-tax/individuals/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.

+1 this is what i have also read.

 

[rk911]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

+1

 

[audreyh1]

Yep - we’ve got three payments planned for July 15. I guess I had better schedule them.

 

[jfn111]

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.

 

[jebmke]

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.

 

[calmloki]

I went ahead and scheduled mine. It's easier for me to just pay on schedule and not worry about it.

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.

 

[Midpack]

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).

 

[Splash]

July is going to be a blockbuster for us. 2019 tax payment, Q1-2 2020 tax payments, 2020 property tax payments.

+1

FYI, some states are matching the Fed dates and some are not.

 

[Sunset]

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.

 

[Midpack]

+1

FYI, some states are matching the Fed dates and some are not.

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.