Keyword: Estimated Tax Payments

This is archived information that pertains only to the 2005 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

I'm concerned because my check payment to the IRS has not been cashed yet. What should I do?

You can call (800) 829-1040 and ask an IRS representative if the payment has been credited to your account. If it has not and the check has not cleared your financial institution, you may choose to place a stop-payment on the original check and send another payment.

Is an S-Corporation required to pay quarterly estimated tax?

Generally, the corporation must make estimated tax payments for the following taxes if the total of these taxes is more than an amount specified by law:

the tax on certain capital gains,
the tax on built-in gains,
the excess net passive income tax, and
the investment credit recapture tax.

For more information regarding estimated tax, refer to Form 1120S Instructions, U.S. Income Tax Return for an S Corporation, under topic Estimated Tax Payments and Publication 542, Corporations, under topic Paying and Filing Income Taxes.

Most of my income is from farming. Are there any special provisions related to estimated tax payments for farmers?

If you have income from farming, you may be able to avoid making estimated tax payments by filing your return and paying the entire tax due on or before March 1 of the year your return is due. If March 1 falls on a weekend or legal holiday, you have until the next business day to file and pay tax. This estimated tax rule generally applies if at least 2/3 of your total gross income is from farming this year or previous year. Refer to Publication 225, Farmer's Tax Guide, and Tax Topic 416, Farming and Fishing Income, for additional information.

How do I report the estimated payments I have made when I file my taxes at the end of the year?

Take credit for all your estimated tax payments in the "Payments" section of Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040A (PDF) , U.S. Individual Income Tax Return.

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