There are five methods you can use to make estimated tax
payments to the Internal Revenue Service.
Paying by EFTPS is a fast and free way to make your estimated
payments. Using EFTPS, you can input tax information over the phone
and schedule payments up to 365 days in advance. EFTPS is the
preferred method of making payments to the IRS. For more
information on EFTPS, see http://www.eftps.gov.
If you have an overpayment of tax after completing your income
tax return, you can apply all or part of the overpayment to
estimated taxes for the current year. When applying an overpayment,
the funds will be applied to payments in the order that avoids penalty for
underpayment of estimated tax. If you choose to apply an
overpayment to current year estimated tax, you cannot use the funds
for any other reason. If all funds are not necessary to make
estimated tax payments, the remainder will be refunded to you at
the close of the year.
If you pay by check or money order, each payment must be
accompanied by Form 1040-ES. After making the first quarter's
estimated payment, or if you made estimated tax payments in
the prior year, you will receive pre-printed Form 1040-ES's. Using
the pre-printed forms when you make a payment will expedite
the processing of your payments.
If you electronically file your tax return, you can schedule up
to four estimated payments by electronic withdrawal. The funds
can be withdrawn from a checking or savings account. In order to electronically file your return,
the return must be prepared using a tax preparation program such as
Online Tax Preparation.
Tax payments and estimated tax payments can also be made using
your American Express® Card, Discover® Card, MasterCard® card,
Visa® card or debit card. A convenience fee will be charged each
time you use a credit card to make a payment. See www.1040paytax.com.