Can I replace money I withdrew from my Business Check ing Acount without any issues with Fed or State?

Forum|Forum|6 years ago
January 21, 2020
1 reply
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I withdrew cash drom checking and I didn't realize I would have to file an estimated Fed and State tax which I did not do?

Can I just place it back into the checking account without consequenses ?

PLease advise?

Edmund

AmyC

Employee

The worst case scenario, is you file your taxes and owe a penalty for not making estimated tax payments throughout the year. You learn from the mistake, create estimated payments in the program and make payments throughout 2020 and forward.

The IRS does not like it if you owe them over $1,000 when you file your return. The IRS wants quarterly payments when you earn any extra income that could put you over owing $1,000.

Here is a link on how to make estimated payments.

Here is a link on determining if you need to make estimated payments.

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