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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15731
Experience:  15years with H & R Block. Divisional leader, Instructor
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How to get an estimated amount on tax debt?

Customer Question

I am in need of paying an estimated tax for 2015 but I do not have my return completed. I want to pay an estimated amount so that at least I have paid my taxes for 2015 on time. I have an extension until October 15th.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
You stated - "I am in need of paying an estimated tax for 2015" but you cannot make an estimated payment for 2015. The last date that you could have made an estimated payment to cover tax for the 2015 tax year was back in January 2016.
The only thing you can do now is get your 2015 return completed and pay the tax due (if any is due) with your return. Because the 15th is a Saturday you will until Monday the 17th to get that return in. If you do owe you will have a penalty. This is because the extension ONLY extended your time to file not to pay for tax on the 2015 income.
Customer: replied 1 year ago.
I have a complicated return that will not be completed by Monday. Another accountant said "you might want to make an estimated payment to the IRS to make sure you're fully paid in; at this late date you may not be able to find an accountant that could finish that return by October 17."
I understand there will be a penalty for paying late but assumed that paying something now would be better than nothing. Is this other accountant wrong?
Expert:  Robin D. replied 1 year ago.
As far as making an estimated payment they are wrong. Those times have past and the IRS would not accept an estimated payment for 2015 now. You could have paid with the request for the extension, in fact that is required, pay with the extension request, if you suspect you will owe when you do file.
You will have a penalty even if you pay something now with no return to match the payment because the date for paying was back in April when the extension was requested. Unfortunately, yes, the advice they gave you is not available.
At this point your account would not show any taxes owed. Until you complete the return the IRS would have no tax due amount to credit your payment to. The only exception would be if they did not receive a return and then they (the IRS) could calculate tax based on their own information. Right now there is no way to match a payment to any form.
Customer: replied 1 year ago.
How do I go about getting a quote to file my 2015 taxes? I obviously understand that I will be late and have penalties.
Under 100K income
No W-2 - I live in Mexico 8 months out of the year
3 rental properties
24 MLP's
Mexican corporation
Mexican bank account - less than $10,000 for 2015.
Expert:  Robin D. replied 1 year ago.

I can supply you with a free site that allows you to enter your income and see the tax.

You cannot exclude any of the income because you are not outside the US for the time required and it is not Earned Income so just use the real income after expenses for the rental and the actual amounts you are paid if any from that corp.

http://www.tax-rates.org/income-tax-calculator/?ref=nav_calcs

Other than that someone would have to actually do the same work to estimate as to prepare the return to tell.

You are most welcome.

Customer: replied 1 year ago.
I am looking for a quote from you as an accountant to file my taxes for 2015. Is this something you can propose?
Expert:  Robin D. replied 1 year ago.

No I cannot give you a quote or an estimate. That would basically require my doing the forms just like it would to prepare the return itself.

Your account should be able to give you and estimate.