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Can I pay Federal taxes to hit $30K min for 150K sign-up bonus for Venture X Biz?

Can I pay Federal taxes to hit $30K min for 150K sign-up bonus for Venture X Biz?

Old Mar 16, 2024, 11:32 am
  #16  
ffI
 
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,618
Originally Posted by johndoe123
The IRS limits credit card tax payments to 2, so it won't work.
times 3 processors = 6
x est taxes x 4 quarters = 24
+ extension (before April 15th) x6 = 30
+ final return (any time after filing extension) x 6 = 36
= 36 per year per person;
x 2 times that for a couple
= 72 times a yr
+ 24 more for a corporation for witholding taxes
= 96

I have never had an issue with number of payments!
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Old Mar 16, 2024, 11:11 pm
  #17  
 
Join Date: May 2006
Posts: 1,433
Originally Posted by ffI
times 3 processors = 6
x est taxes x 4 quarters = 24
+ extension (before April 15th) x6 = 30
+ final return (any time after filing extension) x 6 = 36
= 36 per year per person;
x 2 times that for a couple
= 72 times a yr
+ 24 more for a corporation for witholding taxes
= 96

I have never had an issue with number of payments!
This is paying taxes due for 2023 filing as the result of w2 income for an unmarried individual. Also I'm hearing only one processor works with business cards for personal tax payments. Not much flexibility here, but I might be able to do some before and some after April 1? 2023 Tax bill is still due April 15 though according to my CPA, but I'm not expert in this.

How do I get 80k paid on a 10k limit?
​​

Last edited by johndoe123; Mar 16, 2024 at 11:17 pm
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Old Mar 17, 2024, 9:42 am
  #18  
ffI
 
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,618
Originally Posted by johndoe123
This is paying taxes due for 2023 filing as the result of w2 income for an unmarried individual. Also I'm hearing only one processor works with business cards for personal tax payments. Not much flexibility here, but I might be able to do some before and some after April 1? 2023 Tax bill is still due April 15 though according to my CPA, but I'm not expert in this.
How do I get 80k paid on a 10k limit?
​​
1
Form 4868 - Extension x2 x 3 processors AND Final 1040 - amount due with tax return x 2 x3
Even if only 2 of 3 processors work, that should be enough 10k x2 payments x2 processors x2 types of payments =80k
2
I have found that paying ahead works with Capital One as well (although not as good as Amex)
So it could be 15x2x2 - 60 done rest by check if only 1 processor works

to spell it out - Pay 10k to Cap 1 now online from bank account (or 40k - some large amount above line)
- like BofA, Cap1 accepts payments ahead, but not before first statement
- Amex, Chase and Citi do not accept more than the amount due, so you have to send a payment from your bank directly by ACH
- try a 15k charge tomorrow - if it works, pay off the 15k charge - try 20k the next time = 35k done

At some point, you have to do the work and let us know the data point.
I have never been completely unable to work around the system so far
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Old Mar 27, 2024, 10:09 am
  #19  
 
Join Date: May 2006
Posts: 1,433
For some datapoints, Cap1 refused to allow more than 10% overpayment or pre-paying a credit. Online it won't accept, and the agent said mail-in they will reject over 10% of the amount due. ACH via the portal, it refuses to let me enter in more than the amount due.

I am not sure how extension would work as I need to select the bill to pay (Specifically, 2023 tax year). I assume the 2x payment is limited by the quarter you select in the drop down, (q4//2023), not the actual time you make the payment during, but I can try applying a 3rd 2023 payment post april-15
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