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There is no penalty if you pay late your federal income tax quarterly payments.However - depending on your situation - there might be underpayment penalty
The federal income tax is a pay-as-you-go tax, which means that tax must be paid as you earn or receive your income
during the year. You can either do this through withholding
or by making estimated tax payments
. If you do not pay your tax through withholding, or do not pay enough tax that way, you might also have to pay estimated
taxes. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits
, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return
for the prior year, whichever is smaller.
Generally, the payments should be made in four equal amounts to avoid a penalty. However, if your income is received unevenly during the year, you may be able to avoid or lower the penalty by annualizing your income and making unequal payments. Use Form 2210 , Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you owe a penalty for underpaying your estimated tax.
In some situations - the penalty may be waived.
Let me know if you need any help.