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Do I file quarterly when only a student receiving a stipend for the final 3 months of the year?

Forum|Forum|6 years ago
May 31, 2019
2 replies
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I will receive W2 from the company for which I worked in Massachusetts through August. From September 28 through December 31 I was enrolled as a student in Illinois and received a stipend check (good for one quarter of an annual stipend of $30,000). Do I need to file the 1040 quarterly estimate for the final quarter of 2015? Or just note the additional income in my annual 2015 return?

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Best answer by SusanH

Yes, you should make an estimated payment for the 4th quarter. The payment is due on January 15, 2016* and there are a couple of ways that you can make the payment.

PAY ONLINE
Go to this website -- https://www.irs.gov/Payments
     • Select the IRS Direct Pay Option
     • Choose Make a Payment
     • Choose 1040ES; Estimated Tax; 2015 [screenshot attached below]
     • Verify your Identity – Don’t be confused by the year [screenshot attached below]
          o They are asking you to verify your identity based on a prior year tax return
          o The information you enter should match that on the tax return for the year you select
     • Enter Your Payment information

You may choose to pay by debit or credit card; there is a surcharge for this service which varies by provider. Because there are several providers to choose from, instructions and screens will likely vary from those of the Direct Pay given above.

MAIL IN YOUR PAYMENT
     • Go here -- https://www.irs.gov/pub/irs-pdf/f1040es.pdf
     • Print page 9
     • Fill out the payment coupon (1040-ES) and write your check
     • Mail it to the appropriate address on page 4

Some additional notes:
Your mailed payment will be considered timely if it is postmarked by the due date
Remember to note your estimated in TurboTax when preparing your 2015 Tax Return

* You do not have to make the payment due January 15, 2016, if you file your 2015 tax return by February 1, 2016, and pay the entire balance due with your return.

S

SusanHAnswer

Yes, you should make an estimated payment for the 4th quarter. The payment is due on January 15, 2016* and there are a couple of ways that you can make the payment.

PAY ONLINE
Go to this website -- https://www.irs.gov/Payments
     • Select the IRS Direct Pay Option
     • Choose Make a Payment
     • Choose 1040ES; Estimated Tax; 2015 [screenshot attached below]
     • Verify your Identity – Don’t be confused by the year [screenshot attached below]
          o They are asking you to verify your identity based on a prior year tax return
          o The information you enter should match that on the tax return for the year you select
     • Enter Your Payment information

You may choose to pay by debit or credit card; there is a surcharge for this service which varies by provider. Because there are several providers to choose from, instructions and screens will likely vary from those of the Direct Pay given above.

MAIL IN YOUR PAYMENT
     • Go here -- https://www.irs.gov/pub/irs-pdf/f1040es.pdf
     • Print page 9
     • Fill out the payment coupon (1040-ES) and write your check
     • Mail it to the appropriate address on page 4

Some additional notes:
Your mailed payment will be considered timely if it is postmarked by the due date
Remember to note your estimated in TurboTax when preparing your 2015 Tax Return

* You do not have to make the payment due January 15, 2016, if you file your 2015 tax return by February 1, 2016, and pay the entire balance due with your return.

J

JohnH2

You should make an estimated tax payment for 2015 if you expect to owe $1,000 in tax.

Additionally, you should make an estimated tax payment for 2015 if your 2015 withholdings (and refundable credits) will be:

Less than 90% of the tax shown on your 2015 return or
Less than 100% of the tax shown on your 2014 return.

You do not need to pay estimated tax for 2015 if you were a U. S. citizen or resident alien and had no tax liability for 2014.

K

kevin-j-gleasonAuthor

Do I need to make an estimated QUARTERLY tax payment specifically for Q4 (the only quarter where I will not have withheld tax from income earned)? Or just the annual 2015 tax payment?