Late Estimated taxes for last three quarters


R

rajesh

I forgot to pay last three quarters of estimated taxes amounting to
$6000. What will be neater to send IRS last three coupons along
with $2000 each or just send IRS the last coupons with a $6000 check.
I guess by default, IRS will average the outstanding estimated
amounts across quarters anyway.

When I did calculations it came with a penalty of like $300, if I do
nothing and pay all on 15th with my annual return.

What the best way to do it without raising any red flags.
 
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P

Phil Marti

I forgot to pay last three quarters of estimated taxes amounting to
$6000.  What will be neater to send IRS  last three coupons along
with  $2000 each or just send IRS the last coupons with a $6000 check.
Just send one check with one coupon.

Phil Marti
VITA/TCE Volunteer
Claksburg, MD
 
J

John Levine

I forgot to pay last three quarters of estimated taxes amounting to
$6000. What will be neater to send IRS last three coupons along
with $2000 each or just send IRS the last coupons with a $6000 check.
I guess by default, IRS will average the outstanding estimated
amounts across quarters anyway.
Send one check with one coupon. File form 2210 with your taxes on
which you compute the penalty. The penalty is based on when you
actually paid, not on what coupon you sent with the check.

R's,
John
 
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R

rick++

Send one check with one coupon.  File form 2210 with your taxes on
which you compute the penalty.  The penalty is based on when you
actually paid, not on what coupon you sent with the check.
Sometimes the IRS will automatically compute the 2210 for you (using
the equal quarters method) and send you the bill. If your income is
skewed toward the 2nd half of the year, it might be a slightly lower
penalty to computer the 2210 with annualized income.
 

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