Rev. date: 08/21/2012
If you are a calendar year taxpayer and at least two-thirds of your gross income for 2010 or 2011 is from farming or fishing, you have only one payment due date for your 2011 estimated tax, January 15, 2012. The due dates for the first three payment periods do not apply to you. See “When To Pay Estimated Tax” in Publication
505,
Tax Withholding and Estimated Tax.
The underpayment penalty for 2011 is figured on the difference between the amount of 2010 withholding plus estimated tax paid by the due date and the smaller
of:
- 66 2/3% (rather than 90%) of your 2011 tax, or
- 100% of the tax shown on your 2010 return.
If you are a calendar year taxpayer and you file your 2011 Form 1040 by March 1, 2012, you do not need to make an estimated tax payment if you pay all the tax you owe at that time. If March 1, 2012 falls on a weekend or legal holiday you have until the next business day to pay all the tax you
owe.
Fiscal year farmers and fishermen. If you are a farmer or fisherman, but your tax year does not start on January 1, you can
either:
- Pay all your estimated tax by the 15th day after the end of your tax year,
or
- File your return and pay all the tax you owe by the 1st day of the 3rd month after the end of your tax
year.
Previous Page |
Table of Contents |
Next Page
