Form 1040-ES payment past due date, before due

Forum|Forum|1 year ago
September 19, 2024
2 replies
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I just realized that I have 1040-ES in the 2023 return, so paid Fed and state estimated tax as indicated in Voucher 3.

If I pay estimated tax of Vouchers 1 and 2 from now, past due at this point, can I reduce the penalty on them in my 2024 return? In other words, is it better to pay 1040-ES sooner than later even if it is past due?

And, can I pay Voucher 4 estimated tax before due date?

Best answer by Anonymous_

@_Aw_3_1 wrote:
And, can I pay Voucher 4 estimated tax before due date?

Yes, but you won't get any credit, or avoid any previous penalties, by doing so.

Further, you should pay any overdue amounts as soon as practicable.

Anonymous_Answer

Employee

@_Aw_3_1 wrote:
And, can I pay Voucher 4 estimated tax before due date?

Yes, but you won't get any credit, or avoid any previous penalties, by doing so.

Further, you should pay any overdue amounts as soon as practicable.

Opus 17

Employee

First, just because turbotax printed vouchers doesn't mean you need to pay them. Turbotax based the vouchers on last year, so if your situation changes, you might owe more or less.

Then, yes, paying as soon as you can will help reduce penalties and interest, but probably not eliminate them.

I recommend that if Turbotax suggest you owe a penalty and wants to include it, you decline that suggestion, and wait for the IRS to bill you. If they do, you can apply for a waiver/abatement. It's harder to apply for an abatement if you already paid a penalty with your tax return.

https://www.irs.gov/payments/penalty-relief-due-to-first-time-abate-or-other-administrative-waiver