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I had surgery in June and missed my June 15th estimated tax payment. What should I do now? Pay it now or wait till Sept 15th and make a double payment? Do I owe a late fee?
Hello traveler, Actually, the choice is up to you. You can go ahead and send in the payment now even though it is late, or you can wait until Sept 15th and send in a double payment at that time. There are actually no late fees assessed on the estimated payments themselves. What will happen is that next year when you file your taxes, you will have to report the estimated payments that you made through the year and the dates on which those payments were made. If you end up not paying the tax you owe in four equal installments by the due dates, then you may end up being assessed some interest for the days where one of the payments was sent in late. So as an example, if you would normally send in estimated payments of $500 each quarter, if one of those payments was 30 days late, then they may add interest an interest charge to cover 30 days on that one $500 payment. But that would be added to your tax bill and not assessed now as a late fee. If this was helpful please press the Accept button. Positive feedback is also appreciated. Thank you traveler, and let me know if you have more questions. I am happy to help you with whatever I can.
Accountant
25+ years tax consulting. Specializing in returns for US citizens living abroad