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In general, I send 4th quarter estimated taxes to the IRS in December, instead of January when they're due. So, for my dad, my plan was to send in his $4k ($3k Fed'l and $1k State) for 4th quarter 2017 this month.

However, a couple of years ago he sold a house with an installment loan, and the principal amount of $250k is due to him at the end of this year. For a number of reasons, I don't think the buyer will be sending him that amount until Spring 2018. So I figured I should just send in the $4k now, so it's deductible for 2017.

But what if I do that, and the $250k arrives on December 31, 2017? Then he'd owe an additional $40k Fed'l.
- Could I send the $40k by the Jan 16, 2018, due date? That would make two 4th-quarter payments. Would the IRS accept the 2nd payment, or would I have to wait until I file his 2017 taxes (in March 2018)?
- If I can't send a 2nd 4th-quarter payment, would there be a penalty for underpayment?


P.S. I checked Pub 505, but wasn't able to figure it out from there.
P.P.S. The add'l $40k figure is from Dad's CPA. I will of course ask her the above questions, but sometimes her answers aren't clear - but Dad's used her for decades, and I'm not inclined to change horses now.
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