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jmclev316
New Member

Change method of paying taxes

I am set to have my underpayment (amount owed to IRS) taken directly out of my checking account on July 15th but with COVID and unemployment, I now want to see if I can change to a payment plan. Is that possible and if so, how do I go about doing so? My return was e-filed and accepted back in April and since it's just the method of payment that I want to change, I don't think I need to amend the return.

1 Best answer

Accepted Solutions
bluedeb
Level 15

Change method of paying taxes

Since your return has been accepted, you would need to cancel the payment for Federal & then you can pay in full on the IRS website or set up a payment plan.  

 

Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

 

To pay on the IRS website: by credit card, direct debit:

https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card

 

To setup a payment agreement on the IRS website:

https://www.irs.gov/payments/online-payment-agreement-application

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3 Replies
bluedeb
Level 15

Change method of paying taxes

Since your return has been accepted, you would need to cancel the payment for Federal & then you can pay in full on the IRS website or set up a payment plan.  

 

Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

 

To pay on the IRS website: by credit card, direct debit:

https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card

 

To setup a payment agreement on the IRS website:

https://www.irs.gov/payments/online-payment-agreement-application

View solution in original post

garydekko
Returning Member

Change method of paying taxes

which to pay taxes now

gloriah5200
Expert Alumni

Change method of paying taxes

In addition to the extension of the IRS initial filing deadline to April 15, Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.

 

This postponement applies to individual taxpayers, including individuals who pay self-employment tax.

 

Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.

 

Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

 

How to pay your taxes

 

If you owe taxes, the IRS offers several options where you can pay immediately or arrange to pay in installments:

  • Electronic Funds Withdrawal. Pay using your bank account when you e-file your return.
     
  • Direct Pay. Pay directly from a checking or savings account for free.
     
  • Credit or debit cards. Pay your taxes by debit or credit card online, by phone, or with a mobile device.
     
  • Pay with cash. You can make a cash payment at a participating retail partner. Visit IRS.gov/paywithcash for instructions.
     
  • Installment agreement. You may be able to make monthly payments, but you must file all required tax returns first. Apply for an installment agreement through the Online Payment Agreement tool.

For additional information, please refer to the following link:
How to pay from irs.gov

 

[Edited 03/21/2021|1:12 pm pst]

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