Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

What do I do if I didn't pay my estimated taxes and

Customer Question
what do I do if...
what do I do if I didn't pay my estimated taxes for 2015 and I now owe 6,300 and cant afford to pay it now? I now have estimated taxes due for 2016 and can pay the first installment , but need to know what to do about the 2015 I owe and is it possible to make a payment plan with irs.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
4/4/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
Experience: Taxes, Immigration, Labor Relations
Verified
These are two separate issues - regarding estimated tax payments and your ability to pay tax due before the due date.Let discuss these separately...1.The United States income tax system is a pay-as-you-go tax system, which means that you must pay income tax as you earn or receive your income during the year. You can do this either through withholding or by making estimated tax payments. If you do not pay your tax or you pay an insufficient amount of tax through withholding, 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 either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, 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, taxpayers should make estimated tax payments in four equal amounts to avoid a penalty. However, if you receive income unevenly during the year, you may be able to vary the amounts of the payments to avoid or lower the penalty by using the annualized installment method. Use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you owe a penalty for underpaying your estimated tax. https://www.irs.gov/pub/irs-pdf/f2210.pdfYou will use that form with your tax return and will calculate underpayment penalty for 2015 and that amount will be added to your 2015 tax liability.
Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 1 year ago
2.Here is what to do if you can’t pay all your taxes by the due date.File on time and pay as much as you can. File on time to avoid a late filing penalty. Pay as much as you can to reduce interest charges and a late payment penalty. You can pay online, by phone, or by check or money order. Visit IRS.gov for electronic payment options.Get a loan or use a credit card to pay your tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties. For credit card options, see IRS.gov.Use the Online Payment Agreement tool. You don’t need to wait for IRS to send you a bill before you ask for a payment plan. The best way is to use the Online Payment Agreement tool on IRS.gov. You can also file Form 9465, Installment Agreement Request, with your tax return. You can even set up a direct debit agreement. With this type of payment plan, you won’t have to write a check and mail it on time each month. It also means you won’t miss payments that could lead to more penalties.Don’t ignore a tax bill. If you get a bill, don’t ignore it. The IRS may take collection action if you ignore the bill. Contact the IRS right away to talk about your options. If you are suffering a financial hardship, the IRS will work with you.In short, remember to file on time. Pay as much as you can by the tax deadline and pay the rest as soon as you can...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
Ask Your Own Tax Question
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
30,159 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
On october 30th I mailed form dt individual to the IRS in
on october 30th I mailed form dt individual to the IRS in Connecticut Certified mail showed it had been delivered on Nov 2 I have heard nothing … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I file form NYC-3L and add to my tax the first estimated
I file form NYC-3L and add to my tax the first estimated payment for the following year, I'm trying to find this amount of my tax return where it was included in current year taxes due, the 1st estima… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
32 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
I am about to file my 2016 tax return and have a $7,000 tax
I am about to file my 2016 tax return and have a $7,000 tax obligation. However, I paid $19,000 in estimated taxes. I have requested a $12,000 refund on my 1040. So far, I have made no quarterly estim… read more
Lev
Lev
Tax Advisor
30,159 satisfied customers
I have a installment agreement to pay FICA taxes that I
I have a installment agreement to pay FICA taxes that I could not pay in past years from employee with holdings. Can I deduct the tax portion paid on the installment agreement, since it wasn't deducte… read more
abci168
abci168
Principal
27 satisfied customers
An individual will own a new solar panel installation in a
An individual will own a new solar panel installation in a single member LLC disregarded entity at a market price. He will take 30% ITC and MACRs depreciation. The capital structure will be 35% cash a… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have an IRS tax lien and making installment payments. I am
I have an IRS tax lien and making installment payments. I am likely to win a lawsuit within the next year. Can IRS attach my settlement? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is there a statutory limitation on collecting withholding
Is there a statutory limitation on collecting withholding taxes which were not filed with the state of Arizona?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I have a question regarding estimating a tax withholding on
I have a question regarding estimating a tax withholding on retirement distribution … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
Tax question: I have an installment agreement with the IRS
Tax question: I have an installment agreement with the IRS for past tax years (2014-15) and have been paying $500 a month on about $27,000, For this past tax year (2016) I paid my tax bill in full wit… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I have an installment agreement question, I owe less than
I owe less than 1000 from previous years taxes federal..now we owe more for this year...I can pay off the old one first..but can I still do an installment agreement without a filed tax lien on the new one..and if so what are the dollar values..10k or 25k balances owed? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
After i submitted our last estimated tax payment, I would
After i submitted our last estimated tax payment, I would have received a refund of $4.00. My wife then received $7384 from a trust as an inheritance which was submitted by the executor on a Schedule … read more
Lev
Lev
Tax Advisor
30,159 satisfied customers
If I have an installment agreement can IRS take money from
if I have an installment agreement can IRS take money from my account? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I did an Installment agreement with IRS for tax year 2015;
I did an Installment agreement with IRS for tax year 2015; this tax year (2016) I own taxes again but cannot afford to pay; Can I add this new debt (2015) to the old one (2014) if yes how is the proce… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Please estimate my IRS and CA-540 tax liability for 2017.
Please estimate my IRS and CA-540 tax liability for 2017. Plan to file, "Married filing separately" Gross salary income: $185,000. I will take early withdraw from IRA and 401K funds towards purchasing… read more
Lev
Lev
Tax Advisor
30,159 satisfied customers
I have an installment agreement with the IRS ( My CPA lied
I have an installment agreement with the IRS ( My CPA lied to me about the agreement, then IRS placed lien on my home) I am behind in mortgage payments , dont have money to pay THIS Years taxes- can I… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x