The Tax Questions Blog

Posts Tagged ‘when are quarterly irs payments due’

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Question: When are quarterly taxes due - on or by Jan 15?

Does it need to be postmarked by Jan 15 or does it need to arrive to the IRS by Jan 15? Also, what happens if I just skip this payment and pay in April instead? Will I be penalized? And does anyone know how much? I have paid 100% of last year's taxes and generate over $1000 of self employed income if that makes a difference. Thanks.

Answer: It has to ARRIVE by January 15. The postmark thing is only for mailing a return, not a quarterly payment.

If you skip the payment and pay in April, you may owe a penalty for underpaying, if you owe at least $1000. But since you have paid in over 100% of last year's taxes, that should exempt you from the penalty.

Another exemption to paying the Jan 15 installment is if you file your 2008 tax return and pay the balance by January 31 (actually Feb 2 this year).

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