How and When to Make Quarterly Estimated Payments

America has a pay-as-you-go tax system. That means you put money toward your tax liability all year long, instead of making one large payment when you file a return. The tax laws say you must pay 90% of what you owe for taxes during the year or you could face a penalty for underpaying when you file your return.​

What are quarterly estimated tax payments?

If you don’t have tax withheld from your wages, estimated tax payments are a way to make sure your taxes still get paid throughout the year, so you don’t have a huge bill or face penalties when it’s time to file your return. Quarterly estimated payments cover your federal tax liabilities like income tax, Social Security and Medicare.​

Who should make quarterly estimated tax payments?

If you earn money that is not subject to withholdings, you probably need to make quarterly payments. This is common if you have income from the following sources:
  • self-employment/you work for yourself
  • alimony
  • unemployment
  • Social Security
  • interest
  • dividends
  • capital gains
  • prizes and awards

In general, you should make estimated tax payments if you expect to owe $1,000 or more to the IRS (after deductions and credits have been applied). A tax bill this large indicates that you are not having enough income withheld during the year to cover your liability. Consequently, you could owe a penalty if you don’t make quarterly payments.​

Quarterly tax payment due dates

Quarterly estimated tax payments are due on the following dates:
  • First quarter payment is due: April 15 (for Jan. 1 – Mar. 31)
  • Second quarter payment is due: June 15 (for April 1 – May 31)
  • Third quarter payment is due: Sept. 15 (for June 1 – Aug. 31)
  • Fourth quarter payment is due: Jan. 15 (for Sept. 1 – Dec. 31)

The Jan. 15 payment is your fourth and final payment for the year that has just ended. If the due date falls on a weekend or holiday, your payment is due the next business day.

*Note: If you live in a federally declared disaster area, you may have extra time to send your payments without a penalty.

How to calculate how much you owe for your quarterly taxes

To determine what your estimated payments should be, you will need to fill out Form 1040-ES. Simply download the form and enter the information manually. Note: you will need to complete this form on paper. It can't be filled out online using TaxSlayer.

How to create quarterly estimated tax vouchers with TaxSlayer

  • Log into your TaxSlayer account
  • Go to Federal Section
  • Click on Payments and Estimates
  • Select Vouchers for Next Year's Estimated Payments
  • Enter your estimated payment amounts from Form 1040-ES
  • Select Continue

Then go to Summary and create a PDF. The payment vouchers will be included in the PDF of your return. You’ll need to print out your vouchers and mail them with your payment to the IRS office in the state where you live. You can find the address for your state listed on Form 1040-ES. Learn more about how this works in TaxSlayer.

How to make quarterly tax payments online

The best way to make an online payment is directly on the IRS website at https://www.irs.gov/payments.

What to do if you miss a quarterly tax payment

Send your payment as soon as possible. Don’t just wait until the next payment is due. If you do, you could be charged interest and penalties for missing deadlines. To minimize any possible late fees, make your payment as soon as you can.

​What is the penalty for underpayment of estimated tax?

The penalty for underpaying your estimated taxes depends on a few factors:

  • The amount that was underpaid
  • When the underpayment was due and underpaid
  • The interest rate for underpayments (the IRS publishes these each quarter)​

But it’s important to note that people generally won't be penalized if

  • they owe less than $1,000 in tax after subtracting their withholdings and credits, or
  • they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller

Do you have to pay estimated taxes quarterly?

You can pay your estimated taxes in more frequent installments if that’s easier or more convenient for you. For instance, instead of paying four equal payments of $1,200, you might prefer to make twelve monthly payments of $400. Just be sure you've paid enough by the end of each quarter.​

Can you pay estimated taxes anytime?

You don't have to wait for the deadline to submit your estimated tax payment for that quarter. When you’re ready, you can make your payment to the IRS by mail, over the phone, online, or through their app. Visit IRS.gov/payments to see all your options.

​

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