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1st 2020 Individual Estimated Tax Payment extended to July 15, but not the 2nd

Update 4/10/20. The IRS has extended more deadlines as of 4/9/20. The 2nd payment is now due July 15 as well. See my updated post. The post below will be left in its original state for posterity.

2020 Estimated Tax Voucher 1 from IRS website

Earlier this week, I noted the IRS officially moved the 2019 tax deadline from April 15, 2020, to three months later on July 15, 2020. Delaying the filing and paying of taxes will help many taxpayers during this difficult time. As part of the tax deadline delay, the IRS has also clarified that the first individual estimated tax payment for the tax year 2020 will also extend to July 15.

2020 individual estimated tax due dates

Here is what the estimated tax schedule for the tax year 2020 looks like after this extension.

PaymentDue Date
1July 15
2June 15
3September 15
4January 15
TY2020 Individual Estimated Tax Schedule

The 2nd payment is due before the 1st payment

Moving the first estimated tax payment to July 15 has created an odd situation. The second payment, which has is not extended to a later date, is still due on June 15. That means the second payment is due a month before the first payment.

Since the second payment has is not being delayed, individuals who pay estimated tax payments must keep in mind that they still have a payment due June 15.

Missing this deadline could mean having to pay some interest on the 2020 tax return during tax time in 2021. The IRS will charge interest on what they calculate should have been paid by June 15. For individuals with large estimated tax payments, that interest charge could add up to quite a bit. For the tax year 2020, the IRS currently has the interest rate set at 5% on the underpayment of estimated tax for individuals

No need to reprint voucher

For people that already printed out their 2020 estimated tax vouchers, there is no need to reprint those vouchers due to the date change. The same voucher will be accepted, even though it has a date of April 15. Just mail the first payment out by July 15 (and the second payment by June 15).

Stay tuned for the next post

This post briefly highlighted the extension of the first individual estimated tax payment to July 15 for the tax year 2020. Please don’t forget to make your June 15 payments if you make estimated tax payments. On Friday, we will have a post looking at how the tax deadline being extended impacts IRA and HSA/MSA payments for the tax year 2019.

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