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November 26, 2024
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Forgot to pay the first 3 Quarters of my 2024 Estimated Federal Taxes

  • November 26, 2024
  • 1 reply
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Turbo Tax calculated my 2024 Estimated Quarterly Tax Payments but I forgot to enter them in my bill management software calendar. Consequently, I just realized that I missed the first 3 Quarterly Payments to the IRS. I can make up the payments now that I realize my error. Should I send the IRS one check for all 3 Quarters and include those 3 1040-ES Payment Vouchers? So that would be one check for the total of all 3 missed Quarters. I can also add an explanation note. Is it better to do this catch-up payment or just pay whatever tax is calculated by the 2024 Turbo Tax program for 2024?

    Best answer by Mike9241

    you can just change the amount on any one voucher and mail it in with one check for all 3 quarters. your other option is to go online and pay through the IRS website

    https://www.irs.gov/payments 

     

     

    No note needed. When you do your 2024 tax return make sure to enter the payment on the tax payment worksheet along with the date of payment. Turbotax will compute if you owe the underpayment of estimated tax penalty using the date and amount you enter. don't forget about the 4th quarter payment. Turbotax also gives you the option to suppress the calculation of penalty and let the IRS bill you. If the estimated tax payment is needed the sooner you pay the lower the penalty. Turbotax also gives you the option to suppress the calculation of penalty and let the IRS bill you.

    with reasonable cause, you can request the IRS waive the penalty. see the 2210 waiver of penalty section on page 2.  I don't think failure to enter info in your bill management system is a reasonable cause but then I'm not the IRS.

    https://www.irs.gov/pub/irs-pdf/i2210.pdf 

     

     

    here are the rules used to determine if you owe this penalty.

    There will be no federal penalties for not prepaying enough taxes during the year if withholding and

    1. timely estimated tax payments equal or exceed 90% of your 2024 tax or
    2. timely estimated tax payments equal or exceed 100% of your 2023 tax (110% if your 2023 adjusted gross income was more than $150K) or
    3. the balance due after subtracting taxes withheld from 90% of your 2024 tax is less than $1,000 or
    4. your total taxes are less than $1,000

     

    state laws differ

    1 reply

    Mike9241Answer
    November 26, 2024

    you can just change the amount on any one voucher and mail it in with one check for all 3 quarters. your other option is to go online and pay through the IRS website

    https://www.irs.gov/payments 

     

     

    No note needed. When you do your 2024 tax return make sure to enter the payment on the tax payment worksheet along with the date of payment. Turbotax will compute if you owe the underpayment of estimated tax penalty using the date and amount you enter. don't forget about the 4th quarter payment. Turbotax also gives you the option to suppress the calculation of penalty and let the IRS bill you. If the estimated tax payment is needed the sooner you pay the lower the penalty. Turbotax also gives you the option to suppress the calculation of penalty and let the IRS bill you.

    with reasonable cause, you can request the IRS waive the penalty. see the 2210 waiver of penalty section on page 2.  I don't think failure to enter info in your bill management system is a reasonable cause but then I'm not the IRS.

    https://www.irs.gov/pub/irs-pdf/i2210.pdf 

     

     

    here are the rules used to determine if you owe this penalty.

    There will be no federal penalties for not prepaying enough taxes during the year if withholding and

    1. timely estimated tax payments equal or exceed 90% of your 2024 tax or
    2. timely estimated tax payments equal or exceed 100% of your 2023 tax (110% if your 2023 adjusted gross income was more than $150K) or
    3. the balance due after subtracting taxes withheld from 90% of your 2024 tax is less than $1,000 or
    4. your total taxes are less than $1,000

     

    state laws differ