HomeOnTheRanch Posted April 15, 2009 Share Posted April 15, 2009 We make quarterly estimated payments. We made less income in 2008 than in 2007, so we actually overpaid taxes in 2008. We would have gotten a refund if we had been on the ball and filed in January, but...we didn't. So, the amount we overpaid will be applied to the amount of our est. payments in 2009. We are still waiting on some forms and receipts so we are filing an extension. What about the estimated payment that would have been due 4/15/09? Do we go ahead and pay it or will it screw something up since we haven't filed the return? We know the ballpark of what we'll owe (used TurboTax to plug in all the data we have and estimates of what we don't). I've already submitted our "almost" forms to the CPA who reviews our returns and questions for us, but he hasn't gotten back to us yet. Since I need to take care of this in the morning, I thought I'd ask here. Anyone? Quote Link to comment Share on other sites More sharing options...
LMA Posted April 15, 2009 Share Posted April 15, 2009 My understanding is that the quarterly payment due 4/15/09 is for income earned in the first quarter of the year. So it is still due even if you file an extension. I had to do this one year and I paid the quarterly estimate and applied the refund later in the year to the next quarter that was up. You can't go wrong with filing a quarterly payment with the IRS. One year I paid everything at the end of the year and I was assessed a penalty. My CPA told me that I should have kept up with the quarterly payment. (We hired him to do our taxes after that fiasco - I don't understand all the paperwork with being self employed and Turbo Tax messed us up another year). Just keep good records. Quote Link to comment Share on other sites More sharing options...
neesek Posted April 15, 2009 Share Posted April 15, 2009 I would definitely go ahead and pay your estimated payment today. Even if you apply your refund to this year's taxes, I don't think it will be applied until you actually file your returns. Once you do file, maybe you could consider that your June 15 or Sept. 15 payment. Quote Link to comment Share on other sites More sharing options...
HomeOnTheRanch Posted April 15, 2009 Author Share Posted April 15, 2009 Thank you both so much. That makes sense to me. :001_smile: Quote Link to comment Share on other sites More sharing options...
LizzyBee Posted April 15, 2009 Share Posted April 15, 2009 Yes, pay the first quarter estimate today unless your 2008 overpayment applied will be sufficient to cover it. Overpayments applied are credited as of the original due date (4/15/09), not the date the 2008 return is actually filed. Quote Link to comment Share on other sites More sharing options...
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