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OT OT----TAX QUESTION

L

lenray

Well-known Member
I know there are some smart TAX folks here. I make four estimated tax payments each year. Jan. April June and Sept. Here is the question----The payment that I sent in on January of this year 2018----DOES that payment go with the 2017 tax papers????
I made payments in 2016 and 2017 of 1000.00 each--my first payment in January of this year was 800.00.
I claimed 4000.00 as est. for 2017 but rec. a letter from uncle saying I only paid 3800.00 as the Jan. 2018 payment was 800.00.

Thanks for any help... geezzzer here len
 
If you sent in quarterlies jan 1 2018 and then every 3 months after that it would go to 2018 taxes if I'm reading your post right
 
Estimate paid in January 2018 goes toward 2017 taxes on the return that is due to be filed by mid-April of 2018
 
The 1040ES voucher which accompanies the payment indicates which tax year the payment belongs to. The estimates for 2017 would be made in April, June and September 2017 and the fourth and final one for 2017 in January 2018. You say you paid $1,000 each in April, June and September, then $800 in January and that adds up to $3,800 in estimate payments for the 2017 tax year.
 
Yes, 4th quarterly for 2017 is due by Jan 15, 2018, and goes on 2017 taxes. A little trick- when I had my business, I paid quarterlies, and then before the 4th quarterly was due on Jan 15, I'd go through my income and expenses after they were all in at year end, and make sure my 4th quarterly payment was enough to finish paying the taxes for the previous year. Not exactly what the IRS had in mind, I'm sure, but it saved me some penalties if I had more than anticipated income.
 
Well, not exactly. Jan 2018 payment is for the last quarter of 2017, October through December. Not Jan through March.
 
Thanks fellas--good information. I was wrong and owe a little more. Much appreciated advice and help.................
 
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