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posted Mar 20, 2020 11:54:26 AM

electronic payments - how long does it take for the feds to take my payment from my checking account?

how long does it take for the feds to take my payment from my checking account?

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1 Best answer
Level 15
Mar 20, 2020 2:05:12 PM

During non-peak times, funds are usually withdrawn on the payment date you specify, assuming your e-filed return has already been accepted (received) by the IRS.   If they are very busy, it can be after the date you specified. 

 

No worries; as long as you filed your return or extension on or before July 15, 2020 and you selected July 15, 2020 (or earlier) as your payment date, you won't get penalized for late payment.

 

In the meantime, keep an eye on your bank account — if you still don't see the debit 7–10 days after your return has been accepted, call IRS e-file Payment Services at 1-888-353-4537 or contact your state tax agency, as appropriate.

 

To let you know, The federal tax file deadline for tax year 2019 has been extended to July 15, 2020, due to Coronavirus (COVID-19). Go here for more information about how taxes have been affected.

 

How do I change my payment date?

You have until July 15 to file your federal return and pay your income taxes this year since the tax filing deadline has been extended.

If you haven’t filed your federal taxes with TurboTax yet

Select Pay by check as your payment method and mail it in before July 15, 2020.

If you’ve already filed your federal taxes with TurboTax

You can’t change your payment date in TurboTax after your return has been accepted but you can cancel it and make other payment arrangements with the IRS.

 

Federal tax direct debit payments can be canceled up to 2 business days prior to the debit date. To cancel, call the IRS on (888) 353-4537, but please wait 7-10 days after your return has been accepted.

Then, to schedule a new payment, go to the IRS Direct Pay site.

State taxes

For your state direct debit payment, contact your state directly.

1 Replies
Level 15
Mar 20, 2020 2:05:12 PM

During non-peak times, funds are usually withdrawn on the payment date you specify, assuming your e-filed return has already been accepted (received) by the IRS.   If they are very busy, it can be after the date you specified. 

 

No worries; as long as you filed your return or extension on or before July 15, 2020 and you selected July 15, 2020 (or earlier) as your payment date, you won't get penalized for late payment.

 

In the meantime, keep an eye on your bank account — if you still don't see the debit 7–10 days after your return has been accepted, call IRS e-file Payment Services at 1-888-353-4537 or contact your state tax agency, as appropriate.

 

To let you know, The federal tax file deadline for tax year 2019 has been extended to July 15, 2020, due to Coronavirus (COVID-19). Go here for more information about how taxes have been affected.

 

How do I change my payment date?

You have until July 15 to file your federal return and pay your income taxes this year since the tax filing deadline has been extended.

If you haven’t filed your federal taxes with TurboTax yet

Select Pay by check as your payment method and mail it in before July 15, 2020.

If you’ve already filed your federal taxes with TurboTax

You can’t change your payment date in TurboTax after your return has been accepted but you can cancel it and make other payment arrangements with the IRS.

 

Federal tax direct debit payments can be canceled up to 2 business days prior to the debit date. To cancel, call the IRS on (888) 353-4537, but please wait 7-10 days after your return has been accepted.

Then, to schedule a new payment, go to the IRS Direct Pay site.

State taxes

For your state direct debit payment, contact your state directly.