paying taxes twice before April 15th?

"none" wrote

I'd use Form 1040ES.

Nope.

At this stage of the game a 1040es coupon is not the way to go. Since "none" (if that IS his real name!) filed an extension already, he sent in estimated balance due with the voucher with that form. Simply print out another voucher, and mail it in with the money.

ChEAr$, Harlan Lunsford, EA n LA

It seems to me that using 1040ES would muddy the waters in a potentially dangerous way. A 1040ES sent in now would be considered late by the IRS, since the last quarter's 1040ES payment was due by January 15, and might cause the IRS to expect the taxpayer to do quarterly calculations of his underpayment.

Why not just send in the payment with form 1040V?

Alternatively, the OP can sign up at

and make the payment electronically.

The OP sent in a payment (don't know the date) and if they are underpaid - to the point that they should have made quarterly estimated tax deposits - it doesn't matter how he sends in the payment, it's still late per the quarterly deposit rules. In fact he could over pay with the 1040V and still be subjected to a penalty for not making quarterly estimates.

I don't see the IRS getting tripped up over a late filed 1040ES any more than a second 1040V, any more than attaching the payment to a piece of paper with a note about how the initial amount was computed short. They're going to record the payment as of the date postmarked or the date received (or both).

Any penalties for not making estimates (if they were required) will be based on the amount of the tax and the date the payment was received.

The OP is talking about his 2007 taxes, which aren't due until April 15,

2008. So how can he be late already?

Whether he's required to make quarterly estimated payments for 2008 is a totally unrelated matter, and depends on his withholdings for 2008.

But it's quite possible that the OP has a safe harbor (e.g. withheld during 2007 exceeds taxes owed for 2006 + 10%), and still owes a lot for 2007. Then he underpaid with the first 1040V.

Seth

"Seth" wrote

Anything is possible. If that is the case, then he could use a 1040ES without fail, or a 1040V, or just send in a check with his SSN and "2007 Form 1040" on it. The IRS seems pretty adept at cashing them.

I agree. I'd use a 1040-V.

No doubt as to that. You can even make your check out to Georgia Department of Revenue and send it to IRS and they'll cash it. Oh, and vice versa of course. Nobody looks at anything!

ChEAr$, Harlan Lunsford, EA n LA

Especially since an ES payment at this time would probably be applied to 2008, no matter the date on the form.

I once dealt with a taxpayer who had a misapplied payment issue. He faxed a copy of the canceled check to the service center. They couldn't read the DLN on the fax so asked him to send the original. He did. They deposited the canceled check, It, of course, bounced at his bank. They assessed a bad check penalty. |-{

Actually they've gotten a little better as of late. A client of mine sent in both her georgia and federal payments to the IRS, Georgia assessed a late payment penalty and interest. She brought the notice by here, we sent her back out to get copies of the canceled check that she swore she wrote, of course, in her mail that day was an envelope from the IRS with her Georgia check in it. We convinced the state to abate the penalties, she forked over for the interest and was grateful that lesson was a cheap one.

If he sends a 1040ES for 2007 at this late date, wouldn't that cause problems (with the IRS considering it to be for 2008)?

Seth

Not if he uses the only 1040ES available at the moment which is clearly proclaimed upper right as being "2 0 0 7".

Now for 2008, the 1040es vouchers won't be in the mail until about April

1st so I hear.

ChEAr$, Harlan Lunsford, EA n LA

I got my pre-printed ones in the mail a week or two ago.

has 2008 for download.He needs the 2007. I could not find that on the IRS site currently,but that does not mean it is not there.

It's there. Find listing for forms, an scroll through the box to

1040es. then at bottom, click on "retrieve", and presto! there it is, in pdf.

ChEAr$, Harlan Lunsford, EA n LA

There's maybe a 99% chance that the IRS will get it right. Given the difference in cost between using that and using the 1040V, why risk it?

Seth