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Originally Posted by Bacawind This might sound silly, but I don't get their different purposes. I thought the 1040-V payment went to cover our estimated ES. What you say makes sense, I guess that's why there's no drop down for ES. But then I'm left wondering, what is 1040-V going to pay for, if not our ES?
Our pay is very irregular throughout the year, I couldn't pay the first two 1040-V on time. As I understand, I can explain this on the 2210-AI. For our 2014 return, I thought it was just an extra form I could send in later. I didn't understand at the time that it had to go with the 1040 return.
Also, is it then correct that, I'm just stuck paying a penalty this year? That I cannot file a 2210-AI without a 1040? Is there anyway for me to "work off" our 1040-V, and where is that money going? Preferably with online payments. Thanks for any help! |
This might sound silly, but I don't get their different purposes. I thought the 1040-V payment went to cover our estimated ES. What you say makes sense, I guess that's why there's no drop down for ES. But then I'm left wondering, what is 1040-V going to pay for, if not our ES?=======>>As said previously, 1040V is needed if you owe tax to the IRS ,so if you pay for 1040V , it goes to the IRS for tax liability /for any balance due on the “Amount you owe” line of your Form 1040,) while the 1040ES(Form 1040-ES is to calculate and pay estimated taxes for the current year. While the 1040 relates to the previous year), the estimated tax form calculates taxes for the current year. only needs to be filed if you do not expect the withholding tax to be sufficient to cover most of your 2014 tax. If you only owe a few dollars on your 2014 tax, you can pay it when you file in 2015. If you owe a large amount, then you will owe penalty for underpayments, which could be prevented by filing 1040ES forms to eliminate the underpayment.
Joe SixPack · 7 years ago
;as you indicated the wrong tax form or tax type, you need to contact the IRS in 10 business days to have a correction made.
Our pay is very irregular throughout the year, I couldn't pay the first two 1040-V on time. ======>
As I understand, I can explain this on the 2210-AI. For our 2014 return, I thought it was just an extra form I could send in later. I didn't understand at the time that it had to go with the 1040 return. ========>You should file a form 2210AL with your 40 / 40NR tax returns
Also, is it then correct that, I'm just stuck paying a penalty this year?=======>>You need to pay it ASAP;the penalty is equivalent to nondeductible interest on the amount you underpaid, for the period of the underpayment. If you underpay only a small amount, or you correct the underpayment quickly, the penalty will be small. The penalty for underpayment of estimated tax is figured the same as interest. You determine the amount of the underpayment for each period of time and the number of days in that period, then apply an appropriate interest factor. The interest rate is adjusted from time to time based on market interest rates.
That I cannot file a 2210-AI without a 1040?=======>> On the form 2210AL, I guess you need top contact the Dept of Rev of your home state for more accurate info in detail; those who have failed to pay or underpaid their AL state income tax liabilities should file a form 2210AL.
Is there anyway for me to "work off" our 1040-V, and where is that money going? Preferably with online payments====>>As said, you need to contact the IRS for more info in detail; I have no any idea about it. if you make a mistake in the tax period, then the IRS will autocorrect the period for current federal tax deposits.