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Do you need to make an estimated tax payment

March 28, 2018

Paying your taxes four times per year may seem difficult or a lot to keep up with, but if you make estimated quarterly payments, it may be beneficial when tax season rolls around.

Individuals that have an unpaid tax liability that is $1000 or more in any of the following tax types are required to make estimated income tax payments:

• Indiana adjusted gross income tax

• County income tax

If you have to pay estimated taxes, payments are always due on a quarterly basis. The due dates for 2018 are:

• April 17, 2018

• June 15, 2018

• September 17, 2018

• January 15, 2019

Note: If the due date falls on a national or state holiday, Saturday or Sunday, payment postmarked by the day following that holiday or Sunday is considered on time.

Estimated payments can be made by one of the following methods:

• Using a preprinted estimated tax voucher that is issued by DOR for Hoosiers with a history of paying estimated tax

• Paying online

• Filling out an ES-40 form

You can learn more about how much is owed by an individual and view examples in the IT-40 booklet on page nine.

You may owe a penalty for underpayment of estimated taxes if:

• You didn't pay any estimated tax

• You didn't pay enough estimated tax

• You didn't make your payments on time

Once you’ve paid all your quarterly estimated taxes, be sure to record your quarterly payments on your tax return when you file for the year. Also, keep copies of all tax forms and documents somewhere you can easily access them for the next tax season.

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