Tax Q&A: What to do if I you forgot a tax payment

With the April 15 tax deadline fast approaching, you probably have questions. Fortunately, we have answers. Every day until April 15, members of the American Institute of Certified Public Accountants have agreed to answer selected tax questions from USA TODAY readers. Submit your questions to jwaggoner@usatoday.com.

Q. I forgot the January 15th estimated tax payment. It appears that we will owe about $5,000 in tax. What should I do?

A: At this point, you have two options. It is not too late to make your fourth estimated tax payment by filing Form 1040-ES and submitting payment now. Because the penalty for any underpayment of taxes accrues daily, it is better to make a late payment than no payment at all.

However, if you are prepared to file your Form 1040 and pay your entire tax liability now prior to the April 15 deadline, it is not necessary to make the fourth quarter estimated payment.

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I emphasize that this requires paying the entire amount of tax owed now, roughly a month early, rather than just the fourth quarter payment.

For further information, consult the IRS guidance on estimated tax payments.

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Ellen D. Cook, MS, CPA, assistant vice president for Academic Affairs at the University of Louisiana at Lafayette answered this question, via the American Institute of Certified Public Accountants.

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