For those who pay estimated taxes, 2020 presents special issues and potential hardships. This means that on July 15 it’s possible for someone to owe half their estimated taxes for 2020 plus any taxes owed with their 2019 tax return. This article explains what you need to know to avoid the IRS penalty for tax underpayment, along with insights from tax pros on the special issues for estimated taxes in 2020. If you don’t pay enough taxes, IRS Form 2210 helps you calculate any penalty for underpayment of estimated tax. If initially their total 2020 estimated-tax liability was $4,000 (or $1,000 per quarter), once Kubey knows they’ll be eligible for a $2,400 EIP, that reduces the 2020 estimated-tax payments to a total of $1,600.

Source: Forbes June 19, 2020 12:56 UTC