To make a higher payment, use the Electronic Federal Tax Payment System (EFTPS) or same-day wire. Did you receive a notice from the IRS saying you did not pay? If not, you may need to wait just a bit for it to process. Which method makes more sense for you depends on how confident you are about estimated tax your projected annual income and tax bill. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.

Does the proof that I have paid the estimated tax for 2023 come in the mail and when do they send it?

We only receive notification of acceptance/rejection of returns. You can track your refund using the IRS Where’s My Refund tool. Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A.

• If a payment is mailed, the date of the U.S. postmark is the date of payment.
• To see if they owe a penalty, taxpayers should use Form 2210.
• If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated tax for the next quarter.
• Estimated taxes are due as income is earned, and the IRS sets quarterly deadlines for their collection.
• The amount of tax that is withheld on your checks is mostly determined by the details on your W-4 form, which you would have provided to your employer when beginning a new job.
• For additional information on how to figure your estimated tax, refer to Publication 505, Tax Withholding and Estimated Tax.

Choose a Reddit account to continue

The remaining — and final — due date is Jan. 15, 2025. Estimated tax payments should be made as income is earned, with the IRS collecting them quarterly. These dates don’t coincide with regular calendar quarters, though.

Track My Refund: How to Check Your 2024 Tax Refund Status

Knowing the amounts of your estimated tax payments, when they’re due, and how to pay them will help you avoid late payment penalties and last-minute tax filing stress. Occasionally, W-2 employees may also be required to make estimated taxes if the amount withheld on their paychecks doesn’t fully cover their income tax liability. The amount of tax that is withheld on your checks is mostly determined by the details on your W-4 form, which you would have provided to https://www.bookstime.com/articles/know-when-to-outsource-your-bookkeeping your employer when beginning a new job.

Direct Pay with bank account

Mind you I’ve tried calling and you can’t get through. Sign in or create an account to pay now or schedule a payment. To see if they owe a penalty, taxpayers should use Form 2210. You can always review your bank account or check with your bank if normal balance you choose. To confirm the amount of your payments, sign into your account at the IRS, or create one. Profit and prosper with the best of Kiplinger’s advice on investing, taxes, retirement, personal finance and much more.

• This relief is designed to help taxpayers who were unable to properly adjust their withholding and estimated tax payments to reflect an array of changes under the Tax Cuts and Jobs Act.
• Use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts (or Form 2220, Underpayment of Estimated Tax by Corporations), to see if you owe a penalty for underpaying your estimated tax.
• The number of people who paid this penalty jumped from 7.2 million in 2010 to 10 million in 2017, an increase of nearly 40 percent.
• Although especially important for anyone with a tax bill for 2018, it’s also important for anyone whose refund is larger or smaller than expected.
• There are special rules for underpayment for farmers and fishermen.
• You’ll need to sign in or create an account to connect with an expert.

• Sign in or create an account to pay now or schedule a payment.
• Your state may want to collect taxes throughout the year, too.
• Either way, you’ll use IRS Form 1040-ES to show your income estimate and project your tax liability.
• You can avoid the 20% withholding by having the money sent directly to the rollover IRA or another eligible account.
• You can also pay estimated taxes directly to the IRS on a quarterly basis using Form 1040-ES.
• Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes.

Doing so could help them avoid or lower a penalty because their required payment for one or more periods may be higher with this method. For estimated tax purposes, a year has four payment periods. For most people, the due date for the first quarterly payment is April 15.

To figure your estimated tax, you must figure your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year. You may have to pay estimated tax for the current year if your tax was more than zero in the prior year. See the worksheet in Form 1040-ES, Estimated Tax for Individuals for more details on who must pay estimated tax.

Who Should Pay Estimated Quarterly Taxes?

She supports small businesses in growing to their first six figures and beyond. Alongside her accounting practice, Sandra is a Money and Life Coach for women in business. We believe everyone should be able to make financial decisions with confidence. Your total tax was zero if the line labeled “total tax” on Form 1040, U.S. Individual Income Tax Return or Form 1040-SR, U.S Tax Return for Seniors was zero. Real experts – to help or even do your taxes for you.