What happens if you forget about your Estimated tax payment?

Say I make a $1000 estimated tax payment and completely forget about it next year. Are the IRS computers smart enough to send me a refund after filing my taxes?

Reply to
Homer Simpson
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I'd say "yes" in all likelihood based on experience w/ forgetting one quarter's estimated a couple years ago.

I'd definitely suggest to _not_ file an amended return until you find out they haven't accounted for it; I did file a 1040X and it flumoxed the system thoroughly, not helped by an (apparent) data entry problem that initially generated a $20k+ tax liability notice. It took roughly six months to finally get that snafu cleared up so I'd wait and let the dust settle first.

$0.02, etc., ...

Reply to
dpb

Yes based on the IRS correctly crediting one of my clients who sent in $4500 rather than the $4000 we showed on his return.

Reply to
Don Priebe

Beginning Balance: $0.00 Adjustment: $150.00 credit Ending Balance: $150.00 credit If you don't pay us the money you owe us, we're gonna seize your assets.

I was assigned to write a letter to the IRS in response to that notice which I did. The response was mailed.

A few weeks later the client returned with another notice he had received from the IRS:

Beginning Balance: $150.00 credit Adjustment: $150.00 credit Ending Balance: $300.00 credit If you don't pay us the money you owe us, we're gonna sieze your assets.

I don't know how it finally turned out because I left the firm to go to graduate school. Just keep in mind that because they often do it right doesn't mean they always do it right.

I would love to take something like that to a CDP hearing or better still, Tax Court. :)

Reply to
Bill Brown

About how long does it typically take the IRS to make payments such as this?

Scott S.

Reply to
Scott S.

E- or paper-file?

In my case w/ e-filing, it occurred before the 1040-X I submitted in less than a week from e-filing date was processed.

No idea how long it takes to process original paper returns.

Reply to
dpb

Mine was also e-file. The direct deposit arrived per schedule (Friday in the week after the Thursday after it was submitted) with the estimated tax payment already corrected.

Reply to
Don Priebe

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