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Fed Tax Question
Posted on 11/5/24 at 10:11 am
Posted on 11/5/24 at 10:11 am
My wife and I have not been having enough tax withheld from our checks this year and it appears that we will owe a penalty. We have completed new W4s in order to try to correct this moving forward. Since we are so far into the year and there’s not enough time to hold out enough tax to avoid the penalty, is there a way to pay the IRS directly out of our savings to avoid the penalty?
2
Posted on 11/5/24 at 11:19 am to damonster
You can make an estimated tax payment. Just Google IRS make a payment. Have it go towards next year.
However, it’s probably better to have your company over withhold for the rest of the year. Then go with the corrected W-4 at the beginning of next year.
It’s better to do it that way because estimated taxes are due quarterly. So if you don’t have enough paid in and made a payment now, you’d still be late and owe so penalties. Withholdings are considered to be withheld evenly throughout the year even if they aren’t.
However, it’s probably better to have your company over withhold for the rest of the year. Then go with the corrected W-4 at the beginning of next year.
It’s better to do it that way because estimated taxes are due quarterly. So if you don’t have enough paid in and made a payment now, you’d still be late and owe so penalties. Withholdings are considered to be withheld evenly throughout the year even if they aren’t.
Posted on 11/5/24 at 11:45 am to Weagle25
That’s what we did was fill out a new W4 holding an extra amount out, but we still wouldn’t be able to catch up for the entire year. Plan is to fill out another W4 early next year that reflects more of what our tax liability should be.
That’s kind of what I was wondering if I made a payment now if it would still be considered late since it hadn’t been paid throughout the year. If I’ll still be hit with the penalty, then I’d rather just hold off and pay the difference when I file.
That’s kind of what I was wondering if I made a payment now if it would still be considered late since it hadn’t been paid throughout the year. If I’ll still be hit with the penalty, then I’d rather just hold off and pay the difference when I file.
Posted on 11/6/24 at 5:44 pm to Weagle25
You can make a direct payment on IRS website but make sure it is applied to 2024 tax tear. You must be specific what year you are paying.
Posted on 11/6/24 at 5:55 pm to damonster
quote:
If I’ll still be hit with the penalty, then I’d rather just hold off and pay the difference when I file.
Interest and penalties. So it will keep accruing.
I’d go ahead and pay it
Posted on 11/7/24 at 6:52 am to damonster
Are you going to have at least 110% of your previous year tax liability covered? That avoids the penalty.
You can also update your W-4 and use the line for a specific dollar amount to pay the IRS more if necessary.
You can also update your W-4 and use the line for a specific dollar amount to pay the IRS more if necessary.
Posted on 11/7/24 at 8:50 am to slackster
No. We won’t have that much taken out of our paychecks but if I could pay the difference to get up to the 110% then that may be an option. We’ve already started having more held out but it won’t be enough to cover the full liability at this point in the year.
Posted on 11/7/24 at 9:28 am to damonster
Are you in LA? The hurricane backed up 3Q estimated payment until February I believe, so you could pay a bunch towards 3Q then and that may help eliminate much/all of the penalty.
Unfortunately you can’t just pay a 4q payment and call it even, the IRS expects quarterly payments to be paid on time throughout the year so they’ll prorate the penalty potentially.
All this being said, the penalty isn’t a huge deal unless you’re going to be under by hundreds of thousands or something lol.
Unfortunately you can’t just pay a 4q payment and call it even, the IRS expects quarterly payments to be paid on time throughout the year so they’ll prorate the penalty potentially.
All this being said, the penalty isn’t a huge deal unless you’re going to be under by hundreds of thousands or something lol.
Posted on 11/7/24 at 9:45 am to slackster
Yes, we’re in Louisiana. We are estimating that we’ll owe around $4k based off of last year’s payment. Would I need to pay like $2k for the 3Q and then another $2k for the 4Q to try to mitigate the penalties? We’ve been hit with penalties before, and I don’t believe it was all that much but I’d rather not owe it if I can avoid it.
Posted on 11/7/24 at 6:10 pm to damonster
Probably best just to pay $4k as a 3Q payment and you’ll get the most benefit/time.
IRS Francine Waiver Info
IRS Francine Waiver Info
This post was edited on 11/7/24 at 6:12 pm
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