1st and 2nd federal estimated tax payment lump in one amount

hgtc · ‎05-08-2020

I noticed that for some clients (in client letter), their 1st and 2nd federal estimated tax payments are lump in one amount in client letter. but, others have separate amounts and both due 7/15/2020.

for example, one client show: due date 7/15/20, federal $2,000 / 7/15/20, federal $2,000 / 9/15/20, federal $2,000 / 1/15/21, federal $2,000.

Others: due date 7/15/20, federal $4,000 / 7/15/20, federal $0 / 9/15/20, federal $2,000 / 1/15/21, federal $2,000

Does anyone know why?

George4Tacks · ‎05-08-2020

I think it is related to clicking the 1st box in Screen 3, or the date the return was prepared. The affect is the same either way.

Here's wishing you many Happy Returns

View solution in original post

Just-Lisa-Now- · ‎05-08-2020

There was a post a few weeks ago by Intuit that explained the system will only pull 1 payment on a certain date, so the ones that have the 2 separate payments scheduled on July15th, only 1 payment will get withdrawn....

So they advise to double up the 1st ES and skip the 2nd so that essentially both payments would pull on July 15th.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

hgtc · ‎05-08-2020

thanks.