Answered: Will the IRS send a late penalty for the Q1 payment (TY19) which is due 4/2019 if the required tax is paid 100% by the final quarterly pyment?

tracie · ‎12-07-2019

If my client does not make the Apr 19 Est Payment (for TY2019) by the due date, but pays all of the required tax for TY19 by the last qrtrly pymnt, will they receive a late penalty?

TaxGuyBill · ‎12-07-2019

Probably, yes. The requirement is quarterly (even though they aren't really "quarters"), and if the 'required' payments are not paid by the quarterly due date, the Underpayment of Estimated Tax penalty starts to apply (it is basically just interest, based on how many days the payment was late).

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TaxGuyBill · ‎12-07-2019

Probably, yes. The requirement is quarterly (even though they aren't really "quarters"), and if the 'required' payments are not paid by the quarterly due date, the Underpayment of Estimated Tax penalty starts to apply (it is basically just interest, based on how many days the payment was late).

Just-Lisa-Now- · ‎12-07-2019

they wont "send a late penalty for the Q1 payment ". It would happen on the return next year.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55 · ‎12-07-2019

HumanKind... Be Both

tracie · ‎12-07-2019

are you both saying she would just be assessed the Underpayment Penalty? She does not plan to underpay, just not pay the Q1 payment

dd4vols · ‎12-07-2019

yes... by not paying the first qtr (or any qtr for that matter), that is by definition "Underpayment"... think about it logically, if there was no penalty....NO ONE would ever make a qtrly estimate

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Will the IRS send a late penalty for the Q1 payment (TY19) which is due 4/2019 if the required tax is paid 100% by the final quarterly pyment?

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