tax owed to IRS

ddavenport102 · ‎August 24, 2019

I owed $4,611 on my 2018 taxes. I was told a report would be sent the IRS and they woould get back to me by letter. That has not happened. I got a letter from the IRS yesterday telling me I have to pay the total due by Sept. 7 or I will have to pay a 1/2% monthly penalty as long as the payment is late. What is your responsibility in this matter? What do I do!!

VolvoGirl · ‎August 24, 2019

What report? You mean your tax return? You have to pay the Tax Due when you file your tax return. Actually any tax due was due by April 15 even if you filed the return late. You don't wait for them to mail you a bill. You either put down your bank account info for the IRS to pull it out of your account or you can pay it by credit card or you can mail a check. Check the instruction sheet on how you selected to pay. Maybe you entered your bank info wrong and the IRS couldn't take it out of your account.

You can pay online at https://www.irs.gov/payments

How to pay the IRS in Turbo Tax https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

VolvoGirl · ‎August 24, 2019

Did Turbo Tax print out a 1040V voucher slip to send the payment in? Look for one.

There are probably also four 1040ES slips to send in estimated payments for NEXT year so you don't end up owing so much again. So be careful what voucher slip you use. The estimated payments are optional to pay. You can ignore them if you owed because you had a one time increase in income like a IRA withdrawal. If you owed because of self employment income or pension income you should consider sending in extra during the year using the 1040ES slips or paying directly online.