If you pay all of last year’s estimated taxes by 1/15 with an unavoidable penalty, does it help to overpay?
For example, you pay the entire remaining amount owed from 2009 by 1/15/2010, but you know there is still going to be some unavoidable underpayment penalty assessed. Does it make sense to pay extra beyond what will satisfy the remaining 2009 amount, maybe to reduce the penalty or get the extra applied towards the penalty automatically by the IRS instead of still owing the penalty for 4/15/2010? I’d like to know if there are any advantages at all to overpaying at this point (say, on 1/15/2010 for 2009).
,,if you owe taxes at the end of the year, including an estimated tax penalty,does the irs allow a payment plan? ,if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it? ,Will I be charged a penalty by IRS for not paying Estimated Taxes until December? ,If you owe a penalty for failure to pay estimated quarterly taxes, how do you know? ,I live in Ontario, what if I’m late two years in paying mt tax, but want to pay it this year? ,Tags: 1/15, estimated, Help, Last, overpay, Penalty, taxes, unavoidable, years
Comments (1)
No. You won’t get extra credit for the extra money.
It would be more beneficial to pay 1/4 than to wait until 1/15.