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Old 11-12-2016, 08:43 AM
 
Location: Close to an earthquake
890 posts, read 676,946 times
Reputation: 2390

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Quote:
Originally Posted by FiveLoaves View Post
I prefer not to put my Credit Card or Bank Account digits online, especially on the IRS website. Call me old fashioned but I don't think their security is hack-proof.

Yes, Louisville is the destination and the Pony Express will get it their in good time.
Never had a problem and I'm "getting rich" saving on postage.
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Old 11-12-2016, 09:03 AM
Status: "SW OH - AT LAST!!!!" (set 7 days ago)
 
Location: In a happy place
3,767 posts, read 6,898,597 times
Reputation: 7444
Quote:
Originally Posted by FiveLoaves View Post
I prefer not to put my Credit Card or Bank Account digits online, especially on the IRS website. Call me old fashioned but I don't think their security is hack-proof.

Yes, Louisville is the destination and the Pony Express will get it their in good time.
It goes into the same system whether you enter the information online or let them enter the bank information from your check (checks are cashed electronically).
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Old 11-12-2016, 09:10 AM
 
Location: WA
5,394 posts, read 21,390,738 times
Reputation: 5892
Quote:
Originally Posted by metalmancpa View Post
Use the EFTPS system. https://www.eftps.gov/eftps/
Agreed, this is the best one. I have used it for years and it lets you schedule ACH payments in advance. I hate paying taxes but this at least makes it convenient.
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Old 11-12-2016, 02:31 PM
 
Location: Charleston, SC
1,362 posts, read 766,452 times
Reputation: 2428
john --
I think I'm going to be light by a significant amount for 2016. I underestimated part-time income and probably over-estimated chargeable expenses. I'd rather make a good faith effort to bring it into balance. I increased the deductions from Pension, but only caught the last 2 months of the year. I'll mail them a check in January.
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Old 11-12-2016, 06:56 PM
 
Location: Paranoid State
13,047 posts, read 10,434,659 times
Reputation: 15678
Quote:
Originally Posted by FiveLoaves View Post
I did an early estimate on my 2016 Tax Return and it looks like I have not withheld enough over the course of this year. I would like to make an Estimated Quarterly Payment before the January 15, 2017 deadline to avoid any penalties.

But I can't verify the IRS Mailing Address. And how does the IRS link my random check to an actual withholding account ??

I'm sure someone in the Retirement Forum has this knowledge at the tip of their finger...please share.
IRS Safe Harbor: Pay the smaller of 90% of 2016's estimated tax or 110% of 2015's actual tax obligation.

So just pay 110% of 2015's total obligation to avoid paying any penalty.

FYI, when people try to do a "catch up" estimated quarterly payment at the end of the tax year, they can run into problems. The IRS doesn't like it when people do this. If they allowed it, people would game the system by paying little for the first 3 quarterly estimated payments followed by a 4th quarter balloon payment. So, you may have a penalty anyway.
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Old 11-12-2016, 07:44 PM
 
Location: Columbia SC
8,955 posts, read 7,733,997 times
Reputation: 12164
Quote:
Originally Posted by FiveLoaves View Post
john --
I think I'm going to be light by a significant amount for 2016. I underestimated part-time income and probably over-estimated chargeable expenses. I'd rather make a good faith effort to bring it into balance. I increased the deductions from Pension, but only caught the last 2 months of the year. I'll mail them a check in January.
I understand but I still believe do not pre-pay. Wait until you file and pay what is owed. That is what I would do.
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Old 11-12-2016, 08:46 PM
 
6,353 posts, read 5,157,447 times
Reputation: 8527
>2016 Does 1040-ES/V (OCR)

No, it's 2016 Form 1040-ES/V (OCR) but Googling the address with "does" in it will take you to the right form.

>Generally they will not penalize you for underpayment especially if you have paid them something during the year.

Not true.
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Old 11-12-2016, 10:50 PM
 
6,353 posts, read 5,157,447 times
Reputation: 8527
Quote:
Originally Posted by SportyandMisty View Post
IRS Safe Harbor: Pay the smaller of 90% of 2016's estimated tax or 110% of 2015's actual tax obligation.

So just pay 110% of 2015's total obligation to avoid paying any penalty.

FYI, when people try to do a "catch up" estimated quarterly payment at the end of the tax year, they can run into problems. The IRS doesn't like it when people do this. If they allowed it, people would game the system by paying little for the first 3 quarterly estimated payments followed by a 4th quarter balloon payment. So, you may have a penalty anyway.
It's not that the IRS doesn't "like it" -- there is a law saying you have to deposit the tax on each quarter's income by a particular date close to the end of the quarter. They just do what Congress tells them to.
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Old 11-13-2016, 07:12 AM
 
Location: Charleston, SC
1,362 posts, read 766,452 times
Reputation: 2428
Thank you folks for some good info. I learned a little something here......that's why I love this Forum & it's citizens.

I knew about the 90% of last year's Rule, but I wasn't sure. I think by bumping up the withholding on my last couple of Pension Checks i hit the number. I'm not going to make that extra Estimated Payment in January.

Also, the eftps website is worth a bookmark for future reference.

Last edited by FiveLoaves; 11-13-2016 at 07:47 AM..
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