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DONALD R. GREENSPAN Certified Public Accountant
4901 Spicewood Springs Road · Suite 200 · Austin, TX 78759-8439
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Tel (512) 459-1803
Email drgcpa@att.net
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2017 Estimated Tax

Estimated tax penalty does not apply if you pass safe harbor test. Say your income and taxes will be much higher in 2017. You discover you have not paid enough estimated tax prior to the deadline of April 17, 2018, to cover your total tax bill. Fortunately, you also discover you qualify for relief under the safe harbor test. Now you can start sleeping again at night.

Here is how it works. If you make timely payments equal to, or exceeding your safe harbor amount, the estimated tax penalty does not apply. Your safe harbor amount varies, depending on your 2016 adjusted gross income (AGI). If your 2016 AGI is $150,000 or less, the amount is 100% of your 2016 tax. If your 2016 AGI is more than $150,000, the amount is 110% of your 2016 tax.

You do not have to pay the remaining tax balance until April 17, 2018. Even if you owe a large amount, the estimated tax penalty does not apply.

2017 4th Quarter Estimated Tax is due Tuesday, January 16, 2018. Make sure you include 2017 Form 1040-ES (Payment Voucher 4) with your check.

2016 Estimated Tax Calendar
  • Payment Voucher 1 - Tuesday, April 18, 2017
  • Payment Voucher 2 - Thursday, June 15, 2017
  • Payment Voucher 3 - Friday, September 15, 2017
  • Payment Voucher 4 - Tuesday, January 16, 2018
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