2025 Federal Estimates 1040-ES

[PATAX]

Estimates apparently not ready until 02/13/2025. This is a relatively simple form.

[IRonMaN · Accepted solution]

Luckily they are simple forms.  If the forms were complicated they wouldn’t be ready until April 15th😜

[PATAX]

@IRonMaN 👍The good news is that most people who pay estimates usually do not have all of their data too early.

[BobKamman]

I don't think it's available from IRS either.  They don't like to confuse people who might use it for a 2024 payment instead.

Sometimes a second thought should be given to the knee-jerk reaction of blaming Intuit for everything.

[PATAX]

Come on now Bob. I have never heard of someone using a current year estimate to pay prior year tax.

[IRonMaN]

It isn’t a knee jerk reaction. Whether it is the IRS or Intuit or both, it still isn’t a complicated form to update.  I don’t believe either of us mentioned Intuit.  You probably shouldn’t make knee-jerk reactions about criticizing folks here.

[Just-Lisa-Now-]

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@PATAX wrote:

Come on now Bob. I have never heard of someone using a current year estimate to pay prior year tax.

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Ive had people send the CA ES to IRS and the 1040ES to CA  people do stupid crap every day.

[BobKamman]

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@PATAX wrote:

Come on now Bob. I have never heard of someone using a current year estimate to pay prior year tax.

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See?  Keeping it out of circulation until it's needed is working.

[PATAX]

@Just-Lisa-Now- come on now Lisa. We're talking about different years for the same form. You're talking apples and oranges.

[PATAX]

I have to hand it to you Bob, you always have a good comeback.

[Just-Lisa-Now-]

I still struggle to get people to understand that the 4th qtr ES in January is for the prior year, not the year its paid in.

[PATAX]

@Just-Lisa-Now- yeah they need to change the 4th quarter estimate date to December 31st. And change the other three quarter estimates to the last day at the end of the quarter

[BobKamman]

Like, you're supposed to close the books on December 31 just so you can make a payment that date?  Particularly difficult for people who own mutual funds with capital gain distributions in late December.  Or those who visit family between Christmas and New Years Day.  Another jerking knee.  Meanwhile, 

Senator Mike Crapo, chairman of the Senate Finance Committee, and Senator Ron Wyden, the committee’s ranking member, jointly released a discussion draft of a broad and sweeping bill titled the Taxpayer Assistance and Service, or “TAS,” Act. The draft bill runs 163 pages and contains 68 provisions – about 40 of which reflect National Taxpayer Advocate recommendations.

One of those provisions:

Sec. 903. Quarterly Installments for Estimated Income Tax Payments by Individuals.
Estimated tax installment payments for individual taxpayers are called “quarterly payments,” but they are due at three-month, two-month, three-month, and four-month intervals (April 15, June 15, September 15, and January 15). This is confusing to taxpayers. The provision would revise the estimated tax payment deadlines so they fall at even quarterly intervals (April 15, July 15, October 15, and January 15). It is effective for installments due in taxable years beginning after the date of the enactment.

https://www.taxpayeradvocate.irs.gov/news/nta-blog/senate-finance-committee-chairman-crapo-and-ranki... 

[sjrcpa]

I think quarterly estimates did work that way once upon a long time ago.

[PATAX]

@BobKamman  many people with mutual funds don't have the information by January 15th either. In fact many do not know what their total investment income is until they get the 1099 forms which is usually well after January 15th.

[Just-Lisa-Now-]

I had a client last year that sent her 2023 1040V and her 1st 2024 1040ES vouchers along with a single check for the total of them both....both got applied to 2024 as estimates (I guess that was the address she chose to mail them to), we figured it out when they sent her a bill with penalty and interest for the 2023 balance due.  

[PATAX]

@sjrcpa we have to contact Brother Cooley to find that answer. He co-authored the modern income tax system laws and codes when it reemerged in the early 1900s.

[PATAX]

@Just-Lisa-Now- there is a very low probability that your clients surname is Einstein, Tesla, or Edison.😉

[BobKamman]

Their December statement is mailed by the first week in January.  Of course many can find the information online earlier, but why make them pay tax on money they might not yet have received?  

[dd4vols]

Had the same frigging thing happen.  we still do not have cleared up.  nightmare!