Underpayment

[avidreader1959]

I gave my account information.  Will the IRS automatically take the underpayment from that account on the scheduled date?

[bluedeb · Accepted solution]

If your return has been accepted, then the IRS will deduct your payment.  It may not be on the exact date you stated, it might be later.

Funds are usually withdrawn on the payment date you specify in TurboTax, assuming your e-filed return has already been accepted (received) by the IRS. If that date falls on a weekend or federal holiday, the funds are typically withdrawn the next business day.

If you file right before (or on) the busy April 18, 2023 deadline, the IRS may not be able to debit your payment until after the deadline due to high e-filing volume. Additionally, it can take your bank another few days to post the debit to your account.

Don't worry. As long as you file your return (or extension) on or before April 18, 2023, and you select April 18, 2023 (or earlier) as your payment date, you won't get penalized for late payment.

If you still don't see the debit in your bank account 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.

To check banking information is correct with Online:

1. Sign in to TurboTax. If you're already signed in, select Tax Home from the side menu
2. Scroll down to Your tax returns & documents and select Show
3. Select 2022, and then select Add a State (you're not actually adding a state, this just gets you into the right area)
4. In the left menu, select Tax Tools
5. Underneath Tax Tools, select Print Center
6. Then select Print, save or preview this year’s return
7. Now check the 2022 Federal return box and select Include government and TurboTax worksheets
8. Select View or print forms

[avidreader1959]

THANKS!!!!  I was freaking out and thinking of going to their payment system, but then the withdrawal by the IRS would bounce.  Best way to get on their worst side.  You rock!!!