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Thread: what would happen if I paid my estimated taxes 2-3 weeks late?

  1. #1
    Picaresque
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    Default what would happen if I paid my estimated taxes 2-3 weeks late?

    Anyone?

    I'm out of work till the end of the month, recovering from surgery. I barely managed to pay what I owed when I filed my 2007 taxes yesterday, and now I have $50 to my name to last me until I can work again. I'm not going to be able to pay my estimated tax payment by 4/15. I just can't; I don't have any money.

    What would happen if I sent it in the first week of May (a.k.a. 2-3 weeks late)?

  2. #2
    BrunetteGoddess
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    I'm not sure, you might incur a penalty. Are you in the US? Why not file for an extension with the IRS?

  3. #3
    Picaresque
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    From what I read, an extension doesn't mean you get more time to pay; only more time to complete the paperwork...I've already done the paperwork for my 2007 taxes with turbo-tax...my only problem is that I can't pay the 2008 estimated tax payment for April on time.

  4. #4
    Banned Melonie's Avatar
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    ^^^ correct, an extension has no effect whatsoever on the amount of taxes due or the date on which they are do, or the penalties and interest which will be levied if those taxes aren't paid by the due date.

    In regard to your specific question, odds are that nothing much would happen if your estimated tax payment is only 3-4 weeks late ... especially if you have been out of work for medical reasons which reduced your first quarter's taxable income. Of course, if the IRS were to take a serious look, technically they could levy an underpayment penalty plus interest.

  5. #5
    Picaresque
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    Oh well, if I have to pay a penalty then that's that. Nothing I can really do about it right now. Hopefully I'll be back on my feet soon and will be able to deal with that if it happens.

    I was thinking more along the lines of "omg they're going to toss me in jail if I don't pay it by the 15th!" Even though aside from this one upcoming payment, I've been doing my taxes by the book all along and I've made all my required payments in the past. Sometimes I'm seriously paranoid.

  6. #6
    Banned Melonie's Avatar
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    ^^^ to be honest, the very LAST thing that the IRS wants to do is to put individual taxpayers in jail. If that were to happen, it costs the gov't money and the IRS loses all tax revenue that might have otherwise been generated by that person !

  7. #7
    Yekhefah
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    Last year I sent in my tax form by itself by April 15, and then called them around the end of May to get the info on how to pay. I wound up paying it in August. There was a little bit of interest but I think it was only about $20 or so, no sweat. I'm sending the tax form in by itself again this year but I'm hoping to pay off the bill by the beginning of June.

  8. #8
    God/dess Deogol's Avatar
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    Default Re: what would happen if I paid my estimated taxes 2-3 weeks late?

    If you owe them like $40,000 and have been dicking them all the way they will want to put you in jail.

    Mostly you just get a penalty and some interest. Sucks but nothing to get too paranoid over.

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