Context: US Federal Personal (non-business) income taxes
Other than giving the government an interest free loan for some number of months, are there any penalties or downsides for "playing it safe" and overpaying estimated taxes / paying them when an annual return would be sufficient? I imagine the gov is more than happy to accept the money.
What happens if you pay a quarter "late" but you weren't required to pay estimated taxes at all? My guess is that since 0 tax was actually due there would be no penalties or interest assessed (though none refunded either)
As I understand it, come annual tax time in April, these payments would be added to any withholding and netted against the actual tax due, reducing payment due at that time or potentially yielding a refund.