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Installment plan with efile extension
Where exactly on TurboTax online I can apply for installment plan with efile for extension? I am not able to find installment option when i select file for extension link under Tools
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June 4, 2019
2:05 PM
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Get your taxes done using TurboTax
You cannot apply for an installment plan with an extension. You can apply for an installment plan when you file the actual tax return. The IRS won't approve an installment plan if your return is on extension and not actually filed.
June 4, 2019
2:05 PM
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Get your taxes done using TurboTax
during file an extension i put USD 9000 tax due I owe and then pay half amount now and later when file return in October i pay remaining amount. Is that amount subject to interest and penality? pls advise
June 4, 2019
2:05 PM
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Get your taxes done using TurboTax
Any balance due when you actually file your return will be subject to interest and penalty. The interest and penalty is based on your actual tax liability, not the estimate you use on your extension.
June 4, 2019
2:05 PM
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Get your taxes done using TurboTax
that mean my total actual tax liability is 9000 and in file to extension i pay 4500 so the interest and penalty will be based on remaining 4500 m correct?
June 4, 2019
2:05 PM
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Get your taxes done using TurboTax
Not necessarily. If when you file your return and your balance due is $4,500, then yes. But if when you actually file your return your balance due turns out to be different, the interest and penalties will be based on that amount.
June 4, 2019
2:05 PM