IRS Form for Quarterly Tax Payment

Street, EFTPS is very easy. You can set the dates for payments ahead of time for the whole year. They send a reminder email a few days before they withdraw the funds. You can see your history of payments and print all the transactions if you want.
This year we did a large Roth conversion, so I just added a second payment for the second quarter taxes.
 
We do not use those forms, I take a distribution (interest only) from my investments and have them do a withholding once at the end of the year to cover all the taxes.
 
We do not use those forms, I take a distribution (interest only) from my investments and have them do a withholding once at the end of the year to cover all the taxes.
For those who take the distribution from an IRA to pay the taxes, it doesn’t make sense to me. You have to pay tax on the withdrawal to pay the taxes. I just pay tax from my brokerage or savings accounts.
 
For those who take the distribution from an IRA to pay the taxes, it doesn’t make sense to me. You have to pay tax on the withdrawal to pay the taxes. I just pay tax from my brokerage or savings accounts.
Who said anything about an IRA? All interest is taxable no matter where it comes from. I do not see the point of doing it quarterly when one can do it in one go at the end of the year.
 
Who said anything about an IRA? All interest is taxable no matter where it comes from. I do not see the point of doing it quarterly when one can do it in one go at the end of the year.
Interest from taxable accounts is due the quarter the income is realized. That cannot be used to pay a lump sum at the end of the year and have it count towards the whole tax year. You will get hit with a penalty.
 
Interest from taxable accounts is due the quarter the income is realized. That cannot be used to pay a lump sum at the end of the year and have it count towards the whole tax year. You will get hit with a penalty.
Not if it is a withholding.
 
I also use direct pay. Takes less time to make the payment than it takes to fill out and print the form, write the check, address the envelope and mail it. The IRS emails me a confirmation that the transaction was set up and a reminder of the upcoming payment. My bank notifies me that the payment was made, and it shows up as a payment to the IRS in my bank records.
 
Direct Pay to the IRS for my first Roth conversion sounds like an easy way to go.
Are there any advantages of other estimated tax payment options?
 
Direct Pay to the IRS for my first Roth conversion sounds like an easy way to go.
Are there any advantages of other estimated tax payment options?
EFTPS lets you schedule several payments in advance and allows you to see the history of your payments.
 
EFTPS lets you schedule several payments in advance and allows you to see the history of your payments.
I think you can schedule multiples with DP as well - maybe no history. EFTPS is what I use. It takes a few days to set up but it works flawlessly. The debits always hit my bank on the day I specify.
 
I think you can schedule multiples with DP as well - maybe no history...
You can see the payment history for any type of payment, including DP, by logging in to your account at irs.gov. If you file jointly, and you don't always use the same SSN for payments, you have to check both IRS accounts.
 
For many years, going back to the late 1990s, I mailed checks to the IRS and to my state's tax department to pay estimated taxes. But in 2017, I began using the Direct Pay feature for the IRS and its state counterpart. I printed the receipt screens and kept them for my records. Then, a few years ago, I began using these electronic means to pay my taxes due in April.

For the IRS, I had set up an online account a few years ago to monitor my account. I was able to use to pay estimated and April taxes, until the IRS changed their online system last year and I could no longer use it for my account. My state account still works just fine so I can continue using it as before.

In both cases, the payment appears in my bank's online account and the paper statement I get afterward.
 
no setup doing direct payment than? Just call the number and they walk you through it.

I just went online and looked at the procedure.
 
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OP - Retired CPA here. Didn't bother to read all the responses, so I apologize if this is duplicate.

Retired CPA here. To do it manually you want for 1040-ES (ES as in Estimated! LOL)
Can down load from IRS website.
 
no setup doing direct payment than? Just call the number and they walk you through it.

I just went online and looked at the procedure.
No set up required for direct pay. But you don’t have to call anybody. You can just do it on your computer. You just need to know your Social Security number and how much you want to pay and you choose what you’re paying which sounds like it be a 1040 and what quarter. You will also need to provide your banking information so they can pull the payment. It’s just a few keystrokes and numbers and then you’re finished.
 
Thanks I will try the direct pay this coming week.
 
@street - the paper trail from an online direct pay is far, far better than any paper trail from your hardcopy dropped in the mail. What if it gets lost in the mail? With direct pay, you have instant confirmation of payment.





+1 - it might take a little effort to set up an EFTPS, but direct pay is eezy-peezy

- Direct Pay | Internal Revenue Service

And if you are taking RMDs or any other retirement withdrawal, as others have said, that is the easiest. Just make your estimated annual payment anytime(s) during the year. Timing doesn't matter for withholding from withdrawals like that.

Do you schedule a payment option, without signing up for an IRS Online Account
and Pay from your bank account, your Debit or Credit Card, or even with digital wallet?
 
Do you schedule a payment option, without signing up for an IRS Online Account
and Pay from your bank account, your Debit or Credit Card, or even with digital wallet?
the web site says you can do two payments at a time. For scheduling full year one might have to log in a different day and do again. For scheduling the full year, EFTPS is probably a better long term solution but it takes a bit of advanced work to set it up - a one time setup process.
 
i know turbotax and other such programs will append them to your return and can be printed and filed.
 
Street, EFTPS is very easy. You can set the dates for payments ahead of time for the whole year. They send a reminder email a few days before they withdraw the funds. You can see your history of payments and print all the transactions if you want.
This year we did a large Roth conversion, so I just added a second payment for the second quarter taxes.
Maybe EFTPS signup for you was easy. I got rejected three times and they would not tell me what was wrong nor how to fix it. So they can continue to get paper from me.
 
Maybe EFTPS signup for you was easy. I got rejected three times and they would not tell me what was wrong nor how to fix it. So they can continue to get paper from me.
It was mentioned upstream, but if you have problems setting up (or just don't want to) an EFTPS account, you don't need to resort to paper and snail mail.

....
+1 - it might take a little effort to set up an EFTPS, but direct pay is eezy-peezy

- Direct Pay | Internal Revenue Service <<< LINK
Direct Pay gives you a receipt/documentation and it's instantaneous. No waiting/wondering to watch the check clear to tell if your mail got through. It won't let you schedule payments like EFTPS, but you aren't doing that with paper anyhow.
 
It was mentioned upstream, but if you have problems setting up (or just don't want to) an EFTPS account, you don't need to resort to paper and snail mail.


Direct Pay gives you a receipt/documentation and it's instantaneous. No waiting/wondering to watch the check clear to tell if your mail got through. It won't let you schedule payments like EFTPS, but you aren't doing that with paper anyhow.
No problem for me. Anything I send to them, including my return, I send by certified mail. So I know when it gets there and have a receipt that it did. Some times the old ways work just fine.
 
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