/ Ask Terry Questions / Quarterly Taxes

Quarterly Taxes

By Terry Savage on May 22, 2021 | Economy & Taxes

I filed my taxes by mail in, I’m getting a refund, and requested the first quarterly payment be taken from my refund, and the balance be sent to me, my question is, if they did not process my tax in time to pay the first payment will I be penalized.

Terry Says

You should have paid those separately. Since the income tax deadline was extended a month beyond the first quarterly tax payment deadline (May 17, and April15th) it’s likely that you missed the deadline. I doubt you’ll get a penalty. But it would be wise to create a tax account at IRS.gov and check to see when that credit is applied. It could take a while. But the IRS has bigger things to worry about than your quarterly estimated payment –especially if it gets there before year-end.

money

ASK TERRY

a personal
finance question