I can’t pay estimated taxes by the estimated taxes deadline of Jan. 15. Is it possible to postpone or extend the deadline without being subject to penalties and interest payments — what are my options?
You can postpone the quarterly Jan. 15 estimated tax payment until Feb. 1, 20CY if you file your return and make any necessary payments by that date. If you can’t make an estimated payment, you might be subject to a penalty with interest.
You might owe a penalty if the total of withholding and estimated tax payments you made didn’t equal at least the smaller of:
- 90% of your 2019 tax
- 100% of your 2018 tax (Your 2018 return must cover a 12-month period.)
IRS Form 433-A, Collection Information Statement, is used to determine taxpayer's ability to pay the IRS. Learn more from the tax experts at H&R Block.
If you do not withhold enough taxes from your paycheck, the IRS can send a lock-in letter to your employer. Learn more about lock-in letters from H&R Block.
Tax reform increased the standard deduction starting in tax year 2018. Learn what the new standard deduction amounts are and how tax reform changed personal exemptions.