Est Tax Pmts

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This topic contains 9 replies, has 5 voices, and was last updated by  kaneohe 3 weeks, 4 days ago.

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  • #3363

    boydra
    Participant

    If my 1st qtr est tax pmt was more than enough to meet my full year tax obligation, do I still need to make est tax pmts for 2nd, 3rd and 4th qtr?

    #3364

    dienerte
    Participant

    If your first quarterly estimated tax payment made by April 15, 2019 satisfies your tax obligations for tax year 2019, no further tax payments would be required. Tom D.

    #3365

    kaneohe
    Participant

    If you want to convince yourself, try filling in F2210
    https://www.irs.gov/pub/irs-pdf/f2210.pdf

    pt I and pt IV

    #3374

    snargle
    Participant

    If someone tries to tell you that your quarterly federal estimated income tax payments have to be, or should be, equal, you have my permission to laugh at that person.

    #3375

    boydra
    Participant

    Thanks for all the replies… I get great help from this forum

    #3377

    kaneohe
    Participant

    If someone tries to tell you that your quarterly federal estimated income tax payments have to be, or should be, equal, you have my permission to laugh at that person.

    They don’t have to be equal but…………. aren’t things easier if they are or if you pay faster than equal payments?

    #3394

    snargle
    Participant

    Easier for whom?

    #3402

    kaneohe
    Participant

    for the taxpayer if they don’t have to fill out SchAI of the 2210.

    #3420

    sselm
    Participant

    Schedule AI is needed to report unequal income, not unequal payments. Unequal payments just keep you from using the “short method” of Form 2210. The “regular method” doesn’t require extra record-keeping, and with tax prep software it should take no extra time or effort to fill out.

    #3421

    kaneohe
    Participant

    No disagreement here…………….just trying to respond to previous comment that equal payments aren’t necessary. They aren’t if you front-load the payments (pay faster than equal), but if you backload the payments (not OP’s case), there may be problems unless you can show that payments reflected timing of income.

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