WHEN
ARE ESTIMATED TAX PAYMENTS DUE?
General
rule
Usually,
estimated tax payments are due on April 15, June 15 and September 15 of the
taxable year and January 15 of the succeeding taxable year.
In
the case of an individual having a fiscal year, the dates are computed by
substituting the fourth month of the fiscal year for April, the sixth month
for June, the ninth month for September and the first month of the succeeding
fiscal year for January.
Saturdays,
Sundays and Holidays
When
an estimated tax payment is due on a Saturday, Sunday or legal holiday, it may
be paid on the next succeeding day which is not a Saturday, Sunday or legal
holiday. In addition, "legal holidays" include any statewide legal
holiday in the state in which the Internal Revenue Service Center, where
payment is required to be made, is located.
Nonresident alien
individuals
Nonresident
alien individuals (other than those whose wages are subject to withholding)
are not required to make their first installment payment of estimated tax
until June 15 of the taxable year.
Accordingly, such nonresident aliens must
pay their estimated tax liability in three, rather than four, installments on
June 15, September 15 and January 15 of the following taxable year.
Nonresident
aliens whose wages are subject to withholding are subject to the normal rules.
January
Return as Payment
In
lieu of paying the January 15 installment payment of estimated tax, an
individual may file his income tax return for the taxable year and pay his
entire tax liability on or before January 31 of the succeeding taxable year.
Fiscal year taxpayers would apply this
section by substituting the last day of the first month of their next taxable
year for January 31.
Service
in Combat Zone
The
time for payment of estimated taxes is postponed while an individual is
serving in the U.S. Armed Forces (or in support thereof) in an area designated
by the President as a "combat zone" during the period designated as
the "period of combatant activities" in such zone, or is
hospitalized outside the United States as a result of injuries received while
serving in such an area during such time, and the following 180 days.
Extension
of Time to Pay Estimated Tax
An
individual may be granted a reasonable extension of time
to pay his estimated tax. Such extensions
may not be for more than six months, except in the case of individuals who are
abroad.
Application for additional time is made on
Form 1127.
However,
the
imposition of the penalty is generally mandatory. The extension does not
relieve the individual from the penalty so, it appears that the only benefit
of an extension of time is that the delay should not be subject to the to the
criminal (misdemeanor) penalty for willful failure to pay estimated tax.
