IRS Reminder: June 17 estimated tax payment deadline fast approaching

The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the second quarter of 2024 is due Monday, June 17.

Who needs to pay estimated tax?

Taxpayers including sole proprietors, partners and S corporation shareholders must make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return. 

The IRS Interactive Tax Assistant is an online tool that taxpayers can use to see if they are required to make estimated tax payments. Taxpayers can also see the worksheet in Form 1040-ES, Estimated Tax forIndividuals, for more information about who must pay estimated tax. 

Corporations that expect to owe tax of $500 or more, generally must make estimated tax payments. For more information, corporations can see Publication542, Corporations. 

IRS: Deadline for third quarter estimated tax payments is Sept. 15

The Internal Revenue Service reminds people that Sept. 15, 2021, is the deadline for third quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees and those who may not normally have taxes withheld from their paycheck by their employers.

The U.S. tax system operates on a pay-as-you-go basis. This means taxpayers are to pay most of their tax during the year, as they earn or receive income. Therefore, individuals not subject to withholding may need to make quarterly estimated tax payments. 

Delay in Processing Form(s) 1040, 1040-X and 1040-ES Payments

 The IRS has issued a Quick Alert stating that it has identified a delay in processing direct debits for Form 1040 balance due, Form 1040-X and Form 1040-ES estimated tax payments submitted via Modernized e-File.  This issue has now been resolved and payments are being processed.

Taxpayer's accounts will be credited with the original requested payment date.  Do not resubmit these payments.  If a taxpayer re-submitted any of these payment requests due to the delay, then call 1-888-353-4537 to cancel the additional payment. Cancellation requests must be received no later than 11:59 p.m. Eastern time, at least two business days prior to the scheduled payment date.

The Quick Alert can be read in its entirety here: IRS Quick Alert.