Question

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?

Answer

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 2020 tax
  • 100% of your 2019 tax (Your 2019 return must cover a 12-month period.)

 

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