Howdy y’all. I requested that part of my refund be put towards my 2006 taxes. My question is this: does this count as my first quarterly estimated tax payment? Or should I send in my 1st Q coupon (even if it is a token amount)?
I don’t think so. You can deduct the refund amount from what your quarterly payment would be, but I think you’re still required to send the remaining amount in to them.
Disclaimer: I am not an accountant, a tax attorney, or anything tax-related. My only expertise is in sending in my own estimated taxes, but your situation is likely substantially different from mine. Take a look at IRS Publication 505 for more information.
Thanks for your answer. Thew refund amount is equal to, maybe greater than, my 1st estimated payment. The question is not so much about the amount, as about the coupon.