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Level 2

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

My Q4 income wasn't great so I'm assuming I made up for the total year of taxes with Q1-Q3 payments, I'm mainly concerned if it looks odd/suspicious if I don't make a Q4 tax payment at all...?
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Best answer January 09, 2020

Best Answers
QuickBooks Team

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Thanks for reaching back out to us, @mrachitect. 

 

Let's get some insight into filing your quarterly taxes. 

 

Although your estimated tax for this quarter is zero dollars, you'll still need to file your taxes to show proof of the zero dollar amount. 

 

Remember, I'm only a click away if you have additional questions. Have a wonderful day!

 

 

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7 Comments
Moderator

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Thank you for posting in the Community space, @mrarchitect13.

 

Yes, it seems you have paid more than the recommended payment from Quarter 1 to 3. I'd suggest checking out your Annual Taxes page for verification.

 

You may have paid high estimated payments during those quarters so that you won't have to owe tax at the end of the year. Please refer to this article for more details: How we calculate estimated tax payments.

 

For additional information, check this link about estimated taxes: QuickBooks Self-Employed Taxes.

 

If you have other questions, do let me know by hitting the Reply button. I'm here to help. Have a nice day!

Level 2

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Thanks for the reply!  So just to clarify, since I've already paid more than my estimated taxes for the year there won't be an issue if I simply do not make a Q4 payment, correct? 

Level 2

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Thanks for the reply!  So just to clarify, because I've already paid more than my estimated taxes for the year, will there be any issue or concern if I simply do not make a Q4 payment?

QuickBooks Team

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Thanks for reaching back out to us, @mrachitect. 

 

Let's get some insight into filing your quarterly taxes. 

 

Although your estimated tax for this quarter is zero dollars, you'll still need to file your taxes to show proof of the zero dollar amount. 

 

Remember, I'm only a click away if you have additional questions. Have a wonderful day!

 

 

View solution in original post

Level 2

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

That is very helpful, thank you for clarifying for me.  I will be sure to file the estimated tax of $0 for proof. 

Level 1

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

So I didn’t know I still had to file since it said zero dollars. The due date for Q1 was April 15, 2020 and it’s April 22, 2020 now. What do I do?

QuickBooks Team

If QuickBooks is saying I have an estimated tax of $0 for this quarter, is there any issue with not making any kind of payment for Q4 if I've made payments for Q1-Q3?

Hello, @Salt City Detailing.

 

There's no need to make a $0 estimated tax payment and you don't have to file a 1040(ES) form either. Also, the deadline for Q1 estimated tax payments is extended on July 15, 2020. 

 

You can read through these articles to learn more about managing your estimated taxes:

Swing by here if you have other questions about estimated taxes. I'm always here to help.

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