new extension requirements

[kencole369]

IRS just announced that tax extension up to 90 days without payment. I have filed with auto debit payment on April 14. Payment is significant ($10K+) and I have to borrow money to make payment. How do I take advantage of just announced 90 day (no payment) extension?

[MinhT1]

The extension to pay taxes has only been announced this morning. 

We have to wait for IRS instructions to know the details.

[robtm]

WASHINGTON – Some taxpayers won’t have to file their taxes by April 15 as part of the Trump administration’s efforts to lessen the economic effects of the coronavirus, the president announced Wednesday.

“I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted,” President Donald Trump said in an Oval Office address to the nation.

Trump didn’t specify who would get a filing extension and for how long.

 Any changes will be shown on this TurboTax blog post - https://blog.turbotax.intuit.com/tax-news/is-the-tax-deadline-delayed-what-to-know-about-coronavirus...

If you have filed and  set up a payment with the IRS I don' think it can be changed, but you might contact the IRS about it. See the following about how to contact the IRS:

https://ttlc.intuit.com/community/irs/help/how-do-i-contact-the-internal-revenue-service-irs/00/2594...

[DawnC]

Coronavirus Tax Relief | Internal Revenue Service - IRS update center for issues relating to Covid-19 tax relief.  

Right now, you can't enter payment direct debit payment dates past 04/15/20.  You can still change the payment method, however.  For example, you can opt to pay your tax bill by check as opposed to direct debit. 

We are currently working on updating the payment options/dates within TurboTax.   Please check back here for future announcements.  

[taxchamp]

When will TurboTax Update so we can extend the direct debit payment date given the 90 day extension.

[KatrinaLO]

You are unable to change your payment date in TurboTax once you have filed your return and it has been accepted but you can cancel it and then make other payment arrangements with the IRS.

Federal Tax direct debit payments can be cancelled up to 48 hours (midnight, Eastern time) before the date you designated the funds to be debited. To cancel your direct debit transaction, call (888) 353-4537. Please wait 7-10 days after your return was accepted before calling.

https://www.irs.gov/uac/pay-taxes-by-eletronic-funds-withdrawal#errors

State: For your State direct debit payment you will need to contact your State directly to see if they can change the date or cancel the transaction. Each state is different and you can find the contact information for your State by using this link:

http://turbotax.intuit.com/support/kb/state-taxes/state-issues/1274.html

Please see below for more information about the deadline:

https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

Federal: The Treasury and IRS announced federal tax relief related to Coronavirus
(COVID-19), including an extended deadline for individuals and businesses that have payments due. Get the latest details here.

State: State filing for CA has been delayed by 60 days, until June 15th, for individuals and businesses unable to file on time based on compliance with public health requirements related to COVID-19. Read more state updates