Taxpayer Y has only self-employment income and is required to make quarterly estimated tax payments. He skips the first two required estimated tax payments during the year, but over pays the last two, resulting in a refund when he files his tax return Under these circumstances A Taxpayer Y will not be subject to a penalty for late payment of estimated tax 8. Taxpayer will be subject to a penalty for late payment of estimated tax C. The penalty for late payment of estimated taxes will be reduced by the amount of the overpayments D. Taxpayer Y will be ineligible to receive any refund