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Posted by Jonathan Kamens on March 11, 2008, 5:15 pm
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>>[How do I send in another payment if I underpaid with my
>> extension request?]
>
>I'd use Form 1040ES.
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 www.efpts.gov and make
the payment electronically.
--
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<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
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Posted by Paul Thomas, CPA on March 11, 2008, 5:43 pm
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>>>[How do I send in another payment if I underpaid with my
>>> extension request?]
>>
>>I'd use Form 1040ES.
>
> 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.
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.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Barry Margolin on March 11, 2008, 6:22 pm
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> 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.
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.
--
Barry Margolin, barmar@alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Seth on March 11, 2008, 9:09 pm
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>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.
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
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Paul Thomas on March 11, 2008, 10:04 pm
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> 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.
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.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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