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Posted by Paul Thomas, CPA on March 24, 2009, 7:58 am
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>I had my best income year in 2007. As a consequence I paid a very high
> estimated tax for 2008. I now know that the overpayment will be more
> than adequate to cover my first 2009 estimated tax payment. I wish to
> file for extension so that I can spend the time necessary to list all my
> deductions.
>
> What is the best way to handle the extension and estimated tax filing?
The best way is to file the extension showing your anticipated overpayment.
There isn't any place on the extension form to indicate that you intend for
that to be applied toward 2009. That happens when you finally file your
2008 return and tell them that.
If you are absolutely confident that the 2008 overpayment is sufficient to
cover your anticipated 1st quarter 2009 estimated payment, then your next
estimated payment would be the second quarter. Begin making estimated
payment from there.
Alternatively, you could make the first few estimated payments for 2009 and
adjust down the last two after the return is prepared and filed. That's
probably safer when you don't have a clue as to if you are overpaid or not.
--
Paul Thomas, CPA
Watkinsville, Georgia
--
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