Form 1040-ES

Sep 05, 2019 2 Replies
T

I am not a tax professional...



It has only become clear to me recently that I will owe quite a bit more tax for 2019 than what is deducted from my paycheck. (I have sold some mutual fund shares.)



So my intention is to fill out Form 1040-ES for 2019 and use one of the vouchers to send in the estimated additional tax owed. That way I should be able to avoid a penalty and interest.



The question that I have is that the IRS expects quarterly payments when filling out Form 1040-ES. Is it ok if I only use one of the payment vouchers and mail it in to the IRS on or before 01/15/2020?


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L

Yes, it is okay if you use only one of the vouchers and mail it by January 15. However, some of the estimated tax may be due at an earlier date....

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J

Yes, that's fine. You only need to send in the voucher if you're making a payment.

You might want also to fill out form 2210 to see how much you really need to pay to avoid penalty. In most cases, if you made timely payments of the amount of tax you owed last year, there's no penalty for waiting until April to pay the rest.

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