2020 Estimated Taxes & All Other Taxes - Covid-19 Relief

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Midpack

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An item of interest to me and others. Evidently the rumored all 2020 estimated payments deferred to October didn’t make the cut. A little confusing but the new 2020 estimated tax payment schedule is:
  • January 15th, 2020 (Fourth quarter payment for 2019 tax year).
  • June 15th, 2020 (Second quarter payment for 2020 tax year).
  • July 15th, 2020 (First quarter payment for 2020 tax year).
  • September 15th, 2020 (Third quarter payment tax year).
I’ll probably make our 1st & 2nd qtr payment on June 15 and skip July 15.

Lots of great info on all things taxes v Covid-19 at the link.

https://www.irs.gov/coronavirus

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers
 

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If no more changes we’ll do our first and second on June 15th - to confusing otherwise, especially if you are doing the AI method like I probably will.

I will be surprised if the June 15 deadline stands, however.
 
If no more changes we’ll do our first and second on June 15th - to confusing otherwise, especially if you are doing the AI method like I probably will.

I will be surprised if the June 15 deadline stands, however.
Doesn’t make much sense with Apr 15 > Jul 15 to me either.
 
Doesn’t make much sense with Apr 15 > Jul 15 to me either.

Filing is different from paying. The estimated taxes option is there to meet the expectation that the IRS is receiving tax payments. You 'true up' when you file.
 
Filing is different from paying. The estimated taxes option is there to meet the expectation that the IRS is receiving tax payments. You 'true up' when you file.
Filing didn't have anything to do with my comment. Paying estimated taxes moved from Apr > Jul, but 2nd qtr is due in Jun while 1st qtr is due a month later in Jul? I don't care, just odd.
 
Filing didn't have anything to do with my comment. Paying estimated taxes moved from Apr > Jul, but 2nd qtr is due in Jun while 1st qtr is due a month later in Jul? I don't care, just odd.

Ah... now I understand. While the IRS mandates a payment 'quarterly' payment schedule, you can set up any schedule you like. The assumption they make is they are getting payments throughout the year, as I understand it. However, if you are using the AI method for reporting income, sticking to the standard schedule makes calculating any quarterly underpayment penalties easier.

This is gonna be a mess next year.
 
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