Skip to main content
January 11, 2025
Solved

Need confirmation: No penalty on Q4 tax estimate if I pay tax in full by Jan 31 2025?

  • January 11, 2025
  • 2 replies
  • 0 views

From IRS: "You do not have to make the payment due on January 15, 2025, if you file your 2024 tax return by January 31, 2025 and pay the entire balance due with your return."

 

Want to double check my understanding - No penalty on Q4 estimate tax if do what the statement suggested?

Best answer by dmertz

Your Q4 tax payment will be considered to have been made timely if you file your tax return and pay the balance due by January 31.  Effectively, the balance due paid in this way will be treated as if it had been paid on January 15.

2 replies

dmertzAnswer
Employee
January 11, 2025

Your Q4 tax payment will be considered to have been made timely if you file your tax return and pay the balance due by January 31.  Effectively, the balance due paid in this way will be treated as if it had been paid on January 15.

teatime1Author
January 11, 2025

thank you!

SteamTrain
Employee
January 11, 2025

True...but if you don't have all your proper tax forms yet, or are dealing in any way with a form that will not be ready in TurboTax software on-time....then you might not be able to file your taxes by then.

 

What happens if you file on 30 Jan and indicate the payment, and get a rejection of your file from the IRS on 1 Feb?  All of a sudden you are late and the 31st filing can no longer be done.

 

Just beware.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
teatime1Author
January 11, 2025

good point!