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My 2015 Form 1040-ES Payment Voucher 1 was due on4/15/2015.Through

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an oversight I missed making...
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: 2 years ago.Category: Tax
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Answered in 1 minute by:
7/7/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,227
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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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
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years 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.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years 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.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years 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
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,227
13,227 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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