On 3/17/20: Treasury Secretary Steven Mnuchin on Tuesday said that individuals will be able to defer up to $1 million in tax payments to the IRS for 90 days in light of the coronavirus outbreak.
If I have already e-filed and with that scheduled my tax payment, how do I change the date of the payment to take advantage of this deferment?
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The 90 day deferment is only being talked about just now. It is not official, if it ever will be. If you have already set up a payment schedule 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:
It was announced at a press conference today, and is covered by The Hill, NPR and others.
If enacted by legislation or executive order and signed off on by the IRS, will TurboTax build it into an update in time for filing?
@MarqusW wrote:
If enacted by legislation or executive order and signed off on by the IRS, will TurboTax build it into an update in time for filing?
Since this was just announced today, the TurboTax content team is working on the particulars. 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...
I have filed and set up a payment in TurboTax desktop. My return has been excepted. If the 90 day delay is official, I want to change the date of my payment. How do I do that. Is it a TurboTax thing or an IRS thing.
This exact same situation applies to many TurboTax customers. Would really like to see the team at TurboTax have an easy solution to modifying/extending the dates for our currently scheduled payments and communicate to all. Thank you!
What do we do if we were going to use a credit card to pay the balance but want to take advantage of the delay? I owe more than I have in the bank, and was going to use the credit as a float.
I would just wait as long as you can...I am presuming that TurboTaz will build in the deferment before the filing deadline...
But I already filed and scheduled the payment before this was announced. Now I'd like to change that scheduled date to take advantage of the deferment. I've met the filing requirement. But how do I go into Turbo Tax and change that date?
@JT Delaware wrote:
But I already filed and scheduled the payment before this was announced. Now I'd like to change that scheduled date to take advantage of the deferment. I've met the filing requirement. But how do I go into Turbo Tax and change that date?
Once the tax return has been filed and accepted then the date for the taxes owed to be debited from your account cannot be changed. You will have to cancel the payment and pay the taxes owed using the IRS website for payments.
IRS website for information on canceling a payment - https://www.irs.gov/payments/pay-taxes-by-electronic-funds-withdrawal
Use the IRS payment website for Direct Pay to pay the taxes owed on or before July 15, 2020 - https://www.irs.gov/payments
For those of us who have yet to file will TurboTax be building in the deferment into an update?
Thank you! That is the info I've been looking for!
The US government has today - Friday 3.20 - moved this year's tax filing deadline to July 15 for EVERYONE...if you've filed already, just follow the instructions above to change your payment...
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