I payed an estimated payment with my extension but need to file an additional payment before Oct 1, 2025 filing (2024) How?

[johntheretiree]

Hi Turbotax Community (you were really helpful on my last question so here is a "Hail Mary Pass")

I have a complicated tax return due to inheritance and related stock sales (to change the investment objective from my Mother to me!).  Trying for the short story here:  My wife and I are married filing jointly.  Estimated tax payments were made in 2024 for April 15 and Jan 15 (2025 but for 2024 tax year) along with the requested "25%" holding from our social security.  Knowing that I might have significant stock trading income, I filed an extension for our 2024 taxes on April 13 using ACI Payments (this used to be known as Official Payments) and paid a large estimated payment.  For me the neat thing about using ACI payments is that I can file the extension request electronically and also pay by credit card with no requirement to disclose my checking account (credit cards can be cancelled-- bank accounts are more difficult).  Paying this way, the IRS credits my account immediately on the day the payment is submitted to ACI. (Before a host of people point out that I am paying a credit card fee I do not need to: 1) I like the frequent flyer miles, 2) I never give the IRS my bank account (too many frauds have been reported with electronic filing) and 3) I do not link my bank accounts to anything - therefore the IRS free payment site is unacceptable to me 4)It should be obvious by now that I have never filed electronically and never intend to.)  I am a 72 year old Neanderthal!

So: the question is: What is the easiest and fastest way to get one more payment to the IRS in July to stop any interest and payment penalties? (Turbotax currently is thinking it is before April 15 and I have underpaid by about 100$.  I do not want to focus on this now - but a later question I may ask of the community is - how do I make Turbotax recognize that it is July -  left on my own, I would pretend I was filling out an extension on Turbotax Premier without payment and then Turbotax could start charging the interest penalty if it recognized the real date).

At this point my two choices seem to be 1)contact ACI payments.  They seem to only let me do the 4 ES forms (for the 4 specified quarters) and an estimated payment with the extensions request.  I will simply ask them how to make another payment AFTER I have made an initial payment with an extension.  My experience with them is that this is simply "outside of the needs of their usual client base".  I call that "outside of their paygrade".

Or 2) Write a check to the IRS, send it by next day air certified with return receipt (I am a Neanderthal).  This should then force them to agree that the check was received on the day it was written.  I however, have no idea what notation I would put on the check because it is not in any of the ES Payment periods and an additional payment has already been made with my extension.

And finally - it is very likely that I will file a signed copy of our 2024 Tax Return within 2-3 weeks and my final work in Turbotax will be to work through the payment screens in order to get a small refund (with interest payments and any payment penalties stopped by that last "payment" in July).  I do not wish to make a payment with my signed return because of the difficulty in determining the exact interest penalty.  I absolutely do not want the IRS to calculate my interest penalty for me (it is inconvienent and requires me to operate on their schedule, or I may move and the letter may never find me).

The danger in making a final payment in July with a final return being filed shortly thereafter is that the IRS will not properly account for the last payment that I intend to declare on my tax return!

Ideas? Comments?  As a retiree - this is starting to be outside my pay grade (: (Thankfully)

John the retiree

[VolvoGirl]

That's the short version?  Make a payment anyway you want and select Balance Due.   You can send in a check with a 1040V voucher.  Do not make an estimated payment for 2024.  The estimates are for 2025 next year's return.

https://www.irs.gov/pub/irs-pdf/f1040v.pdf 

IRS make a payment

https://www.irs.gov/payments 

[johntheretiree]

Thanks for the tip on a 1040 V.  However, perhaps I need to restate my complicated question (which I did try to make simple).  I have a complicated tax situation and my wife and I have to review the numbers very carefully and each of us have limited time until perhaps August 15 (anticipated filing day).  We now know that we will owe a few thousand dollars in addition to all of the witholding, two 1040ES and one payment with the extension.  What I want to do is pay now in large (4000$ or so) excess of the expected amount due in order to stop interest payment penalties and any other penalties I am unaware of.

So: A 1040V looks like an interesting option EXCEPT the instructions for the 1040V state "It is a statement you send with your check or money order for any balance due on the "Amount you owe" line of your 2024 form 1040.  This is all fine and well but I will not know with more than +/- $2000 dollar accuracy what that number is until at least August 15.  I intend (or at least wish) to OVERPAY to give the IRS and obligation to pay me back within the next few days.

So there is now a new question.  If I pay a 1040 V in the next few days online or in the mail - How and where do I enter this in my final version of Turbotax Premier so that the IRS will know how much to refund to me?

Or perhaps said differently, in case I guess wrong in my first 1040V filing, can I send a second, or a third 1040V?

Basically, I do not want to be nickeled and dimed by the IRS and have them charge me for two dollars (or so) after they receive my return and decide to ignore the fact that the check was sent by certified mail and hence charge me for interest in the time it took them to cash the check.

In reality, I am probably moving - and past experience says that not all correspondence catches up.  

So quite simply, I wish to over pay my tax bill in advance and report that overpayment on my 1040 AFTER the payment is sent and require the IRS to issue a refund (which I can do with 1040ES).  Does the 1040V have the same option, and where do I input this in my final Turbotax version of my 1040?

Thanks in advance for any help.

John the retiree

[Mike9241]

you can pay online. for type select balance due so you can apply it to 2024. you should be able to print a confirmation for your records. also avoids possibility of check getting lost in the mail. 

in Turbotax in the tax payment section there is provision to enter additional payments with date.

this will show up on line 26 of the 1040.

hopefully (can never be sure of IRS computers) to avoid bills from the IRS for late payment and interest penalty make sure the payment is large enough to cover these. the IRS will compute penalties and interest and subtract those from any overpayment

to keep the iRS up to date on your address, you can use the new address when you file or file form 8822

https://www.irs.gov/pub/irs-pdf/f8822.pdf