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JKCPA
JKCPA, CPA
Category: Finance
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Experience:  Bachelors degree and CPA with Accounting experience.
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I paid the first 2 quarters of my estimated tax (1040 ES) last

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I paid the first 2 quarters of my estimated tax (1040 ES) last year (2010), and then somehow forgot to pay the last two. Is it too late to do that? Should I mail them now or just wait and pay all my taxes on Feb 15th? I know I'll owe a penalty, how do I calculate how much penalty I owe?
Hello,

Thanks for your question.

It would be best to pay the estimated tax payments you missed as soon as possible since this will minimize any estimated tax penalty that may be due. You can mail them in on one voucher Form 1040-ES or pay electronically using EFTPS after you enroll. Your actual tax return is not due until 04/18/2011 though.

The estimated tax penalty can be figured on Form 2210 which you can attach to your tax return. Tax software makes it much easier to complete this form as it is complex. Also, instead of figuring the penalty yourself, you have the option of omitting the Form 2210 from your tax return, leaving the penalty line blank and allowing IRS to figure the penalty for you and send you a bill later, if they determine a penalty is owed.

Best regards,


Edited by JK_CPA on 2/8/2011 at 11:04 PM EST
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