Where do you pay quarterly taxes?
Where do you pay quarterly taxes?
This is my first year being 100% paid as 1099. I'm trying to pay my estimated quarterly tax this month and signed up at EFTPS.com to pay but only see one box for "Payment Amount" (see this screenshot: https://imgur.com/a/9MhRQSl). Shouldn't it be broken down by Federal/SS/Medicare? Do I need to get an EIN or anything? I've just been using my SS # for all the sign up forms.
Thanks!
Thanks!
-
- Posts: 2967
- Joined: Thu Dec 27, 2018 3:06 pm
Re: Where do you pay quarterly taxes?
I make estimated federal income tax payments via IRS Direct Pay at https://www.irs.gov/payments.
It allows me to select the tax quarter/year.
It allows me to select the tax quarter/year.
Re: Where do you pay quarterly taxes?
The number does not get broken down on any site I have seen. You just send a lump sum and I guess they sort it out on the other end.
- dodecahedron
- Posts: 4822
- Joined: Tue Nov 12, 2013 12:28 pm
Re: Where do you pay quarterly taxes?
Using your SSN is just right. You do not need an EIN to pay estimated taxes. You also do not need to break it down into income/SS/Medicare tax. Just estimate your total federal liability for all three taxes and pay that. To get an idea of what info the online system will ask you, just look at the paper 1040-ES, which you can find on the last few page of this PDF. Notice that it does not ask you for any detailed breakdown, just the total dollar amount you are paying for the quarter, your name, address, and SSN.birdec wrote: ↑Mon Mar 11, 2019 11:44 amThis is my first year being 100% paid as 1099. I'm trying to pay my estimated quarterly tax this month and signed up at EFTPS.com to pay but only see one box for "Payment Amount" (see this screenshot: https://imgur.com/a/9MhRQSl). Shouldn't it be broken down by Federal/SS/Medicare? Do I need to get an EIN or anything? I've just been using my SS # for all the sign up forms.
Thanks!
If you did need an EIN for some other purpose (e.g., if you had paid employees or subcontractors), you should still use your SSN for your estimated quarterly payments.
- RickBoglehead
- Posts: 5021
- Joined: Wed Feb 14, 2018 9:10 am
- Location: In a house
Re: Where do you pay quarterly taxes?
Edit - dates corrected due to weekends and year of final payment. Dates are 15th of each month (April, June, September, and January, except when that date is on a weekend or holiday, then the date is the next business day.birdec wrote: ↑Mon Mar 11, 2019 11:44 amThis is my first year being 100% paid as 1099. I'm trying to pay my estimated quarterly tax this month and signed up at EFTPS.com to pay but only see one box for "Payment Amount" (see this screenshot: https://imgur.com/a/9MhRQSl). Shouldn't it be broken down by Federal/SS/Medicare? Do I need to get an EIN or anything? I've just been using my SS # for all the sign up forms.
Thanks!
Estimated Federal Tax is due on 4/15, 6/17, 9/16, and 1/15/20. If that's what you're trying to pay, there is nothing due this month.
EFTPS is for paying estimated FEDERAL tax. You do not pay estimated Social Security or Medicare tax. It's all one number. I assume you are self-employed, which is why you're asking about Medicare and SS.
You can make all 4 payments by scrolling down and adding the other 3.
Last edited by RickBoglehead on Wed Mar 13, 2019 7:01 am, edited 2 times in total.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
- dodecahedron
- Posts: 4822
- Joined: Tue Nov 12, 2013 12:28 pm
Re: Where do you pay quarterly taxes?
The IRS does not ¨sort it out on the other end¨ with your quarterly payments! You as the taxpayer reconcile everything when you file your 1040, including Sched C and Sched SE. At that point, you will total up all your tax liability for the year, including self-employment taxes and other misc taxes, report the total amount of estimated taxes and the total withheld taxes paid, subtract and figure your refund or balance due.
Re: Where do you pay quarterly taxes?
Ok, yes, that happens, but it is still just half of employment taxes here, the other half there, the remainder of estimated taxes paid is the income tax portion; not broken down as it is on a W-2.dodecahedron wrote: ↑Mon Mar 11, 2019 12:14 pmThe IRS does not ¨sort it out on the other end¨ with your quarterly payments! You as the taxpayer reconcile everything when you file your 1040, including Sched C and Sched SE. At that point, you will total up all your tax liability for the year, including self-employment taxes and other misc taxes, report the total amount of estimated taxes and the total withheld taxes paid, subtract and figure your refund or balance due.
- whodidntante
- Posts: 6703
- Joined: Thu Jan 21, 2016 11:11 pm
- Location: outside the echo chamber
Re: Where do you pay quarterly taxes?
I pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
Re: Where do you pay quarterly taxes?
That should be 1/15/20, of course.RickBoglehead wrote: ↑Mon Mar 11, 2019 12:14 pm
Estimated Federal Tax is due on 4/15, 6/15, 9/15, and 1/15/19. If that's what you're trying to pay, there is nothing due this month.
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
Re: Where do you pay quarterly taxes?
How do you do that? Isn't there a charge for using a credit card?whodidntante wrote: ↑Mon Mar 11, 2019 12:27 pmI pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
-
- Posts: 1342
- Joined: Fri Jul 19, 2013 2:45 pm
Re: Where do you pay quarterly taxes?
A 2% or 2X card covers the fee and a 10% or so sign up bonus on a new card covers the fee and more.
Re: Where do you pay quarterly taxes?
Thanks everyone for the information!
There's a "Debit or Credit" button on https://www.irs.gov/paymentsGill wrote: ↑Mon Mar 11, 2019 4:26 pmHow do you do that? Isn't there a charge for using a credit card?whodidntante wrote: ↑Mon Mar 11, 2019 12:27 pmI pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
Gill
-
- Posts: 161
- Joined: Tue Feb 13, 2018 11:44 am
Re: Where do you pay quarterly taxes?
Estimated tax payments by credit card all cost close to 2% in fees according to the IRS.
https://www.irs.gov/payments/pay-taxes- ... debit-card
Maybe there's a way around the fees, though. I've always just sent in a check a few days before each quarterly due date. Our CPAs have always provided the $ amount, schedule, vouchers, and envelopes so it takes all of two minutes.
https://www.irs.gov/payments/pay-taxes- ... debit-card
Maybe there's a way around the fees, though. I've always just sent in a check a few days before each quarterly due date. Our CPAs have always provided the $ amount, schedule, vouchers, and envelopes so it takes all of two minutes.
Re: Where do you pay quarterly taxes?
I use a USAA 2.5% cash back visa card to pay both my federal and state estimated taxes online every quarter. Even with the cc fee of close to 2%, this nets me over a thousand dollars profit each year by paying with the credit card instead of mailing in checks like I used to. I just started doing this about 2 years back. I wish I'd figured this out years ago.Gill wrote: ↑Mon Mar 11, 2019 4:26 pmHow do you do that? Isn't there a charge for using a credit card?whodidntante wrote: ↑Mon Mar 11, 2019 12:27 pmI pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
Gill
- whodidntante
- Posts: 6703
- Joined: Thu Jan 21, 2016 11:11 pm
- Location: outside the echo chamber
Re: Where do you pay quarterly taxes?
There are a few cards that make the fee worthwhile.
BoA Travel Rewards or BoA Premium Rewards with Platinum Honors (2.625% cash back on general spend)
Chase Freedom or other 5% rotating card with Paypal bonus category (5%)
Fidelity (Elan) card with a targeted spending bonus (2.8%, but varies depending on the offer)
New account that you are working on a spending bonus for (varies but usually 10%+)
BoA Travel Rewards or BoA Premium Rewards with Platinum Honors (2.625% cash back on general spend)
Chase Freedom or other 5% rotating card with Paypal bonus category (5%)
Fidelity (Elan) card with a targeted spending bonus (2.8%, but varies depending on the offer)
New account that you are working on a spending bonus for (varies but usually 10%+)
- RickBoglehead
- Posts: 5021
- Joined: Wed Feb 14, 2018 9:10 am
- Location: In a house
Re: Where do you pay quarterly taxes?
Right. And in fact the date for June is the 17th, and the date for September is the 16th. Post corrected. Thanks Gill!Gill wrote: ↑Mon Mar 11, 2019 4:25 pmThat should be 1/15/20, of course.RickBoglehead wrote: ↑Mon Mar 11, 2019 12:14 pm
Estimated Federal Tax is due on 4/15, 6/15, 9/15, and 1/15/19. If that's what you're trying to pay, there is nothing due this month.
Gill
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
-
- Posts: 188
- Joined: Mon Feb 22, 2016 3:39 pm
Re: Where do you pay quarterly taxes?
I have a Fidelity (Elan) card that has 2% cash back, but have never seen targeted spending bonuses. How can you access them?whodidntante wrote: ↑Mon Mar 11, 2019 5:35 pmThere are a few cards that make the fee worthwhile.
BoA Travel Rewards or BoA Premium Rewards with Platinum Honors (2.625% cash back on general spend)
Chase Freedom or other 5% rotating card with Paypal bonus category (5%)
Fidelity (Elan) card with a targeted spending bonus (2.8%, but varies depending on the offer)
New account that you are working on a spending bonus for (varies but usually 10%+)
Also, some of these higher cash-back cards (e.g., Chase Freedom) cap the amount you can get at the higher rate.
Re: Where do you pay quarterly taxes?
How often do you use the card? It is my primary card (average monthly balance $2000 - paid on time, of course), and I seem to get at least 2-3 of those offers every year. It's interesting, because the offers are typically for an amount that is just a bit more than I typically spend on the card, so I don't always hit it. The offers come via email, rarely postal mail.GeraniumLover wrote: ↑Wed Mar 13, 2019 7:48 amI have a Fidelity (Elan) card that has 2% cash back, but have never seen targeted spending bonuses. How can you access them?
Paying estimated on the card is something that never occurred to me. I assumed without checking that the fee was closer to 3%. Thanks for that idea.
- whodidntante
- Posts: 6703
- Joined: Thu Jan 21, 2016 11:11 pm
- Location: outside the echo chamber
Re: Where do you pay quarterly taxes?
They come as an email and I get them pretty often. The email is titled "Earn up to an Additional 2,000 Bonus Points"GeraniumLover wrote: ↑Wed Mar 13, 2019 7:48 amI have a Fidelity (Elan) card that has 2% cash back, but have never seen targeted spending bonuses. How can you access them?whodidntante wrote: ↑Mon Mar 11, 2019 5:35 pmThere are a few cards that make the fee worthwhile.
BoA Travel Rewards or BoA Premium Rewards with Platinum Honors (2.625% cash back on general spend)
Chase Freedom or other 5% rotating card with Paypal bonus category (5%)
Fidelity (Elan) card with a targeted spending bonus (2.8%, but varies depending on the offer)
New account that you are working on a spending bonus for (varies but usually 10%+)
Also, some of these higher cash-back cards (e.g., Chase Freedom) cap the amount you can get at the higher rate.
-
- Posts: 188
- Joined: Mon Feb 22, 2016 3:39 pm
Re: Where do you pay quarterly taxes?
Odd. We use this as our standard go-to credit card and charge thousands a month to it. I checked our email and can't find any offer. Perhaps we somehow muted those emails. I will have to investigate!brianH wrote: ↑Wed Mar 13, 2019 8:21 amHow often do you use the card? It is my primary card (average monthly balance $2000 - paid on time, of course), and I seem to get at least 2-3 of those offers every year. It's interesting, because the offers are typically for an amount that is just a bit more than I typically spend on the card, so I don't always hit it. The offers come via email, rarely postal mail.GeraniumLover wrote: ↑Wed Mar 13, 2019 7:48 amI have a Fidelity (Elan) card that has 2% cash back, but have never seen targeted spending bonuses. How can you access them?
- bertilak
- Posts: 6922
- Joined: Tue Aug 02, 2011 5:23 pm
- Location: East of the Pecos, West of the Mississippi
Re: Where do you pay quarterly taxes?
I have used https://www.eftps.gov/eftps/index.jsp to pay quarterly estimated taxes.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
Re: Where do you pay quarterly taxes?
I also use EFTPS for federal. It's user friendly after set up and you can schedule all four payments at one time. Never had a problem. My state payment is electronic too, but I can not set up all four payments at once so a little more work for that one.
-
- Posts: 3488
- Joined: Wed Apr 08, 2015 11:31 am
Re: Where do you pay quarterly taxes?
I just have taxes taken out from our TIRA distributions. I run tax estimates and just tweak the rates in the last couple of months of the year.
Broken Man 1999
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain
Re: Where do you pay quarterly taxes?
BTW, if the refund due is large, you have been giving the government an interest-free loan.dodecahedron wrote: ↑Mon Mar 11, 2019 12:14 pm
...The IRS does not ¨sort it out on the other end¨ with your quarterly payments! You as the taxpayer reconcile everything when you file your 1040, including Sched C and Sched SE. At that point, you will total up all your tax liability for the year, including self-employment taxes and other misc taxes, report the total amount of estimated taxes and the total withheld taxes paid, subtract and figure your refund or balance due.
-
- Posts: 188
- Joined: Mon Feb 22, 2016 3:39 pm
Re: Where do you pay quarterly taxes?
Has anyone used the Alliant 3% cash back card to pay quarterly taxes? They claim they pay on all "purchases" but list some exceptions and I cannot tell whether the tax payment would fit into any of the exceptions and obviously don't want to risk that it would.
Re: Where do you pay quarterly taxes?
I used the Alliant 3% for both Federal and VA estimated payments for all of 2018 and received the 3% for payments prior to my anniversary date. After the anniversary date I received 2.5%. It was treated the same as any other purchase as far as I could tell.
Re: Where do you pay quarterly taxes?
Another IRS Direct user.
Re: Where do you pay quarterly taxes?
Same. No issues past two years.
Re: Where do you pay quarterly taxes?
Is there a fee for doing this? I don't recall seeing CC as an option on EFTPS website.whodidntante wrote: ↑Mon Mar 11, 2019 12:27 pmI pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
Fools think their own way is right, but the wise listen to others.
- whodidntante
- Posts: 6703
- Joined: Thu Jan 21, 2016 11:11 pm
- Location: outside the echo chamber
Re: Where do you pay quarterly taxes?
https://www.irs.gov/payments/pay-taxes- ... debit-cardStevieG72 wrote: ↑Wed Mar 20, 2019 9:07 pmIs there a fee for doing this? I don't recall seeing CC as an option on EFTPS website.whodidntante wrote: ↑Mon Mar 11, 2019 12:27 pmI pay estimated taxes with a rewards credit card. This gives a little float and a little profit beyond the fee if you use the right card.
-
- Posts: 188
- Joined: Mon Feb 22, 2016 3:39 pm
Re: Where do you pay quarterly taxes?
Does anyone know if you can make 2 separate estimated quarterly payments to the IRS for the same quarter using 2 different credit cards?
- PrettyCoolWorkshop
- Posts: 192
- Joined: Tue Aug 11, 2015 8:44 pm
Re: Where do you pay quarterly taxes?
If you use the citi double cash credit card, you can pay your quarterly taxes with a 1.88% fee and earn 2% cash back.
Other credit cards that have signup bonuses can also be used if you are into churning.
Other credit cards that have signup bonuses can also be used if you are into churning.
Be greedy and fearful. All the time.
Re: Where do you pay quarterly taxes?
GeraniumLover wrote: ↑Fri Apr 05, 2019 2:29 pmDoes anyone know if you can make 2 separate estimated quarterly payments to the IRS for the same quarter using 2 different credit cards?
not sure exactly what you're asking but pretty sure you can make a total of 2 est. tax payments/qtr and you can use
whatever card you wish. There are 3 authorized credit card processors.........if you are asking if you could make
2 payments/qtr w/each processor for a total of 6.........not sure but would guess no.
https://www.irs.gov/payments/frequency- ... ax-payment
Form 1040-ES Estimated Tax
(2018/Q4 & 2019/Q1-3) 2 per quarter Limit
-
- Posts: 359
- Joined: Fri Nov 01, 2013 2:17 pm
Re: Where do you pay quarterly taxes?
+1dodecahedron wrote: ↑Mon Mar 11, 2019 12:14 pmThe IRS does not ¨sort it out on the other end¨ with your quarterly payments! You as the taxpayer reconcile everything when you file your 1040, including Sched C and Sched SE. At that point, you will total up all your tax liability for the year, including self-employment taxes and other misc taxes, report the total amount of estimated taxes and the total withheld taxes paid, subtract and figure your refund or balance due.
Your 1040 shows the sum of all taxes--income, AMT, self-employent, 10% IRA penalty, net investment income tax, etc. Your payment goes towards that amount.
-
- Posts: 1206
- Joined: Mon May 17, 2010 9:04 am
Re: Where do you pay quarterly taxes?
With a credit/debit card, yes you can make 2 payments per each of the 3 processors per quarter. So yes, you can make 2 with pay1040, 2 with payusatax, 2 with officialpayments.kaneohe wrote: ↑Sat Apr 06, 2019 9:20 amnot sure exactly what you're asking but pretty sure you can make a total of 2 est. tax payments/qtr and you can use
whatever card you wish. There are 3 authorized credit card processors.........if you are asking if you could make
2 payments/qtr w/each processor for a total of 6.........not sure but would guess no.
https://www.irs.gov/payments/frequency- ... ax-payment
Form 1040-ES Estimated Tax
(2018/Q4 & 2019/Q1-3) 2 per quarter Limit
No way around the fees when paying with card instead of bank draft. But Pay1040 is a really good deal. At 1.87% to pay with a credit card, you come out ahead with a Fidelity 2% card or Citi Double Cash. You come out even further if you have an Alliant card, Bank of America Travel Rewards with preferred status (2.625% travel credit), Blue Business Plus, first year Discover/Chase Freedom Unlimited 3% bonus, etc. Also, Discover debit card is another thought, as it gets 1% cashback up to $30 cash back per month.CascadiaSoonish wrote: ↑Mon Mar 11, 2019 5:25 pmEstimated tax payments by credit card all cost close to 2% in fees according to the IRS.
https://www.irs.gov/payments/pay-taxes- ... debit-card
Maybe there's a way around the fees, though. I've always just sent in a check a few days before each quarterly due date. Our CPAs have always provided the $ amount, schedule, vouchers, and envelopes so it takes all of two minutes.
-
- Posts: 161
- Joined: Tue Feb 13, 2018 11:44 am
Re: Where do you pay quarterly taxes?
Guess so but to me it doesn't seem worth the added complexity. My tax bill next week is around $35K. at 2% - 1.87% I'd be clearing less than $50 and would then be reliant on a third party to pay my taxes on time. I'll forgo the $50 in favor of having a nice clean documented payment (cleared check with a deposit record) in my checking account. It may be worth it for others, however. And there's an argument to be made here when someone is trying to do manufactured spend or hit a bonus threshold as you've noted.centrifuge41 wrote: ↑Sat Apr 06, 2019 10:17 amNo way around the fees when paying with card instead of bank draft. But Pay1040 is a really good deal. At 1.87% to pay with a credit card, you come out ahead with a Fidelity 2% card or Citi Double Cash. You come out even further if you have an Alliant card, Bank of America Travel Rewards with preferred status (2.625% travel credit), Blue Business Plus, first year Discover/Chase Freedom Unlimited 3% bonus, etc. Also, Discover debit card is another thought, as it gets 1% cashback up to $30 cash back per month.CascadiaSoonish wrote: ↑Mon Mar 11, 2019 5:25 pmEstimated tax payments by credit card all cost close to 2% in fees according to the IRS.
https://www.irs.gov/payments/pay-taxes- ... debit-card
Maybe there's a way around the fees, though. I've always just sent in a check a few days before each quarterly due date. Our CPAs have always provided the $ amount, schedule, vouchers, and envelopes so it takes all of two minutes.
Re: Where do you pay quarterly taxes?
You also get nearly an extra month in your bank account when you pay by credit card and the payment won't get lost in the mail.CascadiaSoonish wrote: ↑Mon Apr 08, 2019 2:05 pmGuess so but to me it doesn't seem worth the added complexity. My tax bill next week is around $35K. at 2% - 1.87% I'd be clearing less than $50 and would then be reliant on a third party to pay my taxes on time. I'll forgo the $50 in favor of having a nice clean documented payment (cleared check with a deposit record) in my checking account. It may be worth it for others, however. And there's an argument to be made here when someone is trying to do manufactured spend or hit a bonus threshold as you've noted.centrifuge41 wrote: ↑Sat Apr 06, 2019 10:17 amNo way around the fees when paying with card instead of bank draft. But Pay1040 is a really good deal. At 1.87% to pay with a credit card, you come out ahead with a Fidelity 2% card or Citi Double Cash. You come out even further if you have an Alliant card, Bank of America Travel Rewards with preferred status (2.625% travel credit), Blue Business Plus, first year Discover/Chase Freedom Unlimited 3% bonus, etc. Also, Discover debit card is another thought, as it gets 1% cashback up to $30 cash back per month.CascadiaSoonish wrote: ↑Mon Mar 11, 2019 5:25 pmEstimated tax payments by credit card all cost close to 2% in fees according to the IRS.
https://www.irs.gov/payments/pay-taxes- ... debit-card
Maybe there's a way around the fees, though. I've always just sent in a check a few days before each quarterly due date. Our CPAs have always provided the $ amount, schedule, vouchers, and envelopes so it takes all of two minutes.