Strictness of deadlines for quarterly filings?

Forum|Forum|1 year ago
August 28, 2024
1 reply
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Hello, I missed the June filing by a couple of weeks. How strict is the IRS with that? I plan to do the filings on time for September and December.

Jonathan

dev145

If you like, you can still make a June payment but It will count as late payment. You may be charged a penalty (called under payment penalty) even if you are due a refund when you file your income tax return. See below link for more info. about underpayment penalty.

https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

dev145

Hi,

Here is some more info. about reducing or eliminating under payment penalty. You can use annualize method to report total income and total withholding/payments. Annualize method is used when your income fluctuates. See below link for more info.

https://www.irs.gov/taxtopics/tc306#:~:text=Generally%2C%20taxpayers%20should%20make%20estimated,using%20the%20annualized%20installment%20method