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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10814
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My 2015 Form 1040-ES Payment Voucher 1 was due on4/15/2015.Through

Customer Question

My 2015 Form 1040-ES Payment Voucher 1 was due on4/15/2015.Through an oversight I missed making the due payment of $180.00.
What should I do?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,Just send in the payment as quickly as possible..When you calculate your taxes next April, you'll see whether this was enough (likely not) to cause an underpayment penalty
Expert:  Lane replied 1 year ago.
This penalty is based upon the lesser of two amounts:90% of the amount of tax you will pay in total for the year; or100% of the amount of tax you paid for the previous year..If the amount of withholding and estimated payments that you’ve made throughout the year is at least $1,000 less than the smaller of those two factors, you’re in a position to receive an underpayment penalty. If this is the first year that you’ve had such an underpayment, the penalty is waived – but if you did it two years in a row – you’ll have a small penalty.
Expert:  Lane replied 1 year ago.
No action is necessary if the under-withholding/under-estimated is less than $1000.Let me know if you hae questions at all....Lane.But if this is enough information, and HAS helped, I'd appreciate a positive rating, using the smiley faces or stars on your screen ... that's the ONLY WAY I'll be credited for the work here.
Expert:  Lane replied 1 year ago.
Here's the IRS guidanace on this: http://www.irs.gov/taxtopics/tc306.html.And here a very good article: http://www.forbes.com/sites/advisor/2012/06/25/understanding-the-underpayment-penalty-and-how-to-avoid-it/.Lane