I have a fairly unusual situation that I thought I understood, but I just filed my 2019 taxes this afternoon and now I am not so sure that I am doing the right thing.
For context: I have a full time W-2 job that takes care of my witholdings from that job. However, in addition to that I have received some money, in two payments. This is not contractor/gig work, no work was performed to get this money, so not a job and no payroll taxes are due.
First payment was a lump sum payment in December 2019. I didn’t pay quarterly taxes on it because the penalty amount was very low and I just didn’t have it together to figure it out. It’s been taken care of and paid today with my 2019 tax return.
Second payment was another lump sum payment in April 2020. This payment is significantly more money and the taxes due are not insignificant. It will, however, be the last 1099-misc income that I will get this year. I was planning to pay estimated quarterly tax by July 15 on this lump sum payment so that I do not have to think about any underpayment penalties and then move on.
However, when I filed my tax return the forms included quarterly payment vouchers, because I owed more than $1,000 in my 2019 tax return. These quarterly vouchers have specific dollar amounts listed on them. The question is - can I simply pay the estimated tax on the lump sum received in April 2020 by July 15 and call it good? Or do I have to submit the payment amount listed on the quarterly payment vouchers for the remaining 3 quarters of the year to avoid penalties, and then recuperate that money back on my 2020 tax return?