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Cold Cous Cous
LSU Fan
Bucktown, La.
Member since Oct 2003
14835 posts

OK to pay estimated taxes all at once?
I'd rather not deal with sending the IRS a new check every quarter, if I can avoid it. Is there any rule that says you can't just pay them all up front?

(I understand you're giving the government a "free loan," but who cares)


SloaneRanger
LSU Fan
Upper Hurstville
Member since Jan 2014
360 posts

re: OK to pay estimated taxes all at once?
You can do it that way if you want. You may be parting with a lot of cash before you have to, but it sounds like you already recognize that.


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Shepherd88
Member since Dec 2013
2478 posts

re: OK to pay estimated taxes all at once?
Who cares? You could let that estimation sit in a mmkt account earning 2% interest or you could send it to the IRS and not earn anything.


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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
35828 posts

re: OK to pay estimated taxes all at once?
Last year I sent about 90% of what I expected to pay over the summer all at once. Ended up getting a little back from federal and owed a little too state. No "late fee" once I filled either.


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Chad504boy
New Orleans Saints Fan
Member since Feb 2005
130365 posts
 Online 

re: OK to pay estimated taxes all at once?
quote:

I'd rather not deal with sending the IRS a new check every quarter


i'd rather not send any at all but sending all at once doesn't really make any financial sense.


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30
The Spleen
Alabama Fan
Member since Dec 2010
23533 posts

re: OK to pay estimated taxes all at once?
You can, but you might still have some underpayment penalty because it's determined on a quarterly basis.


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
14511 posts
 Online 

re: OK to pay estimated taxes all at once?
You can absolutely send all four quarters up front.

It's when you pay in arrears (later in the year / at the deadline) when you are subject to underpayment penalties.

This of it this way. You owe the quarterlies on 4/15, 6/15, 9/15, and 1/15. If you pay them after this date, then you could be penalized. But if you pay them before this date, then they are still paid by the due date.

Even if you just send in a single check for all four quarters with your Q1 voucher, the "overpayment" from Q1 will just flow to the other quarters in consecutive order.


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50
JLivermore
TBD Fan
Wendover
Member since Dec 2015
1029 posts

re: OK to pay estimated taxes all at once?
edit, better answer above
This post was edited on 4/15 at 5:08 pm


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