Posts Tagged ‘Due Date’
if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it?
angeldust asked:
If I should happen to owe an estimated tax penalty at the end of the year, would I be able to make payments, or does the IRS require the entire payment up front, by a due date? What happens a person does not have the entire amount to pay immediately for an estimated tax penalty? Surely this lovely country won’t throw a person in jail because they can’t shell out an extra 200 or 300 dollars.
If I should happen to owe an estimated tax penalty at the end of the year, would I be able to make payments, or does the IRS require the entire payment up front, by a due date? What happens a person does not have the entire amount to pay immediately for an estimated tax penalty? Surely this lovely country won’t throw a person in jail because they can’t shell out an extra 200 or 300 dollars.
Just curious.
Ramon