topic Official COVID-19 (Coronavirus) and extension thread in Get your taxes done using TurboTax

Official COVID-19 (Coronavirus) and extension thread

KatieH — Wed, 18 Mar 2020 17:01:06 GMT

For the latest updates, refer to this article: https://ttlc.intuit.com/community/articles/community-news-announcements/is-the-tax-deadline-delayed-what-to-know-about-coronavirus-covid-19-and-your-taxes/05/1316004

This Help Article is also available for reference:

How are my taxes affected by Covid-19?

Post your questions here for expert answers to help us guide each other during these unprecedented times.

Re: Official COVID-19 (Coronavirus) and extension thread

hyfeng — Tue, 17 Mar 2020 17:13:45 GMT

I'm nearly done with my tax return. Since I owe a few thousand bucks, I need set up a direct debit payment date.

According to TurboTax's On Demand Tax Guide, "the requested payment date should not be later than April 15, 2020".

Since Treasury Secretary Steven Mnuchin just announced that the IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. Does this mean that I can safely set the direct debit payment date to some time in July, say, July 15th?

Thanks!

Re: Official COVID-19 (Coronavirus) and extension thread

rgacek — Tue, 17 Mar 2020 19:16:26 GMT

I have the same question

Re: Official COVID-19 (Coronavirus) and extension thread

Opus 17 — Tue, 17 Mar 2020 20:14:51 GMT

@hyfeng wrote:

I'm nearly done with my tax return. Since I owe a few thousand bucks, I need set up a direct debit payment date.

According to TurboTax's On Demand Tax Guide, "the requested payment date should not be later than April 15, 2020".

Since Treasury Secretary Steven Mnuchin just announced that the IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. Does this mean that I can safely set the direct debit payment date to some time in July, say, July 15th?

First, nothing is official yet, despite the president's announcement. Watch the IRS web site here

https://www.irs.gov/coronavirus

or Turbotax's blog here,

https://ttlc.intuit.com/community/articles/community-news-announcements/is-the-tax-deadline-delayed-what-to-know-about-coronavirus-covid-19-and-your-taxes/05/1316004

What has been proposed is a delay of the payment deadline if you owe a payment, but not a delay of the filing deadline. (But nothing is official yet.)

Second, you should expect that if the IRS changes the payment deadline, it will take at least 2 weeks to program the change into Turbotax and release a new update.

What you can do now is select in Turbotax, "I will pay by mail." Then whenever you are ready, mail a check or make a direct payment at the IRS web site irs.gov/payments. You can pay be direct debit from your bank account for free, or use a credit card and pay a service charge. It would be your responsibility to pay "on time", whatever that turns out to be.

Re: Official COVID-19 (Coronavirus) and extension thread

Bees — Tue, 17 Mar 2020 20:18:33 GMT

CNBC is reporting on March 17 that there will be a 3 month delay

https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

Re: Official COVID-19 (Coronavirus) and extension thread

Opus 17 — Tue, 17 Mar 2020 20:20:51 GMT

@Bees wrote:

CNBC is reporting on March 17 that there will be a 3 month delay

https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

Yes but there are unanswered questions. It won't be official until the IRS releases a notice, and it will still take time for Turbotax to program a change to allow a debit date post-4/15.

Re: Official COVID-19 (Coronavirus) and extension thread

vltouchstone — Tue, 17 Mar 2020 21:04:12 GMT

I have already filed my taxes and owe to the Feds. I put in a date of 4/15 to have monies withdrawn from my account. If we do get the delay to pay, will I be able to change this date?

Re: Official COVID-19 (Coronavirus) and extension thread

DoninGA — Tue, 17 Mar 2020 21:09:38 GMT

@vltouchstone wrote:

I have already filed my taxes and owe to the Feds. I put in a date of 4/15 to have monies withdrawn from my account. If we do get the delay to pay, will I be able to change this date?

It is just to soon to be able to answer that question. Within a day or two the information will be released and we all will know the particulars.

My personal opinion is that no you cannot change the date since the tax return has already been filed and accepted by the IRS. You would have to cancel the payment and then pay the taxes owed at later date on or before July 15, 2020. But we all will have to wait and see for the exact instructions from the IRS.

See this TurboTax blog post for the latest TurboTax information - https://blog.turbotax.intuit.com/tax-news/is-the-tax-deadline-delayed-what-to-know-about-coronavirus-covid-19-and-your-taxes-46320/

Re: Official COVID-19 (Coronavirus) and extension thread

RobertG — Tue, 17 Mar 2020 21:13:01 GMT

At this point, we don't know.

We do not currently have the capability to change the auto debit date, or enter a date after 4/15.

An announcement will be made when we do.

@vltouchstone

Re: Official COVID-19 (Coronavirus) and extension thread

Opus 17 — Tue, 17 Mar 2020 22:35:21 GMT

@vltouchstone wrote:

I have already filed my taxes and owe to the Feds. I put in a date of 4/15 to have monies withdrawn from my account. If we do get the delay to pay, will I be able to change this date?

There is no way in Turbotax to change the date once you have transmitted your return.

The IRS has a phone number to cancel or change payment dates, assuming that someone answers.

https://www.irs.gov/payments/pay-taxes-by-electronic-funds-withdrawal

You could also ask your bank to block the withdrawal, and then mail a check or make a payment on the IRS web site before the new deadline. But the IRS will charge you a "bounced check fee" if they try to make an electronic withdrawal and it is blocked.

Re: Official COVID-19 (Coronavirus) and extension thread

Critter — Wed, 18 Mar 2020 00:26:43 GMT

Once your return is accepted, information pertaining to your payment, such as account information, payment date, or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.
Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.
Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

Re: Official COVID-19 (Coronavirus) and extension thread

Bees — Wed, 18 Mar 2020 04:24:50 GMT

@hyfeng You can say that you are paying by check and then wait until last minute to see what regulations will be. Then use https://www.irs.gov/payments .

Re: Official COVID-19 (Coronavirus) and extension thread

mflo23 — Wed, 18 Mar 2020 09:39:19 GMT

I filed my taxes , had them accepted and set up my bank to have the money I owe taken out 4/15. How do I go about defer payment for that extra 90 days. Will TurboTax have a procedure in place to do that???

Re: Official COVID-19 (Coronavirus) and extension thread

Critter — Wed, 18 Mar 2020 11:55:55 GMT

The IRS already had a method in place ... has for years ... once you have successfully filed Turbotax is no longer involved so expect no help from them ...

Once your return is accepted, information pertaining to your payment, such as account information, payment date, or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.
Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.
Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

Re: Official COVID-19 (Coronavirus) and extension thread

Blorkman567 — Wed, 18 Mar 2020 13:39:37 GMT

what if you e-filed already,IRS accepted and you set up a direct debit for 4/15/20 for the amount you owe and you want to change the direct debit date to 7/15/20 as per the government/IRS proclamation? What is the procedure to get that accomplished?

Re: Official COVID-19 (Coronavirus) and extension thread

DoninGA — Wed, 18 Mar 2020 13:43:35 GMT

@Blorkman567 wrote:

what if you e-filed already,IRS accepted and you set up a direct debit for 4/15/20 for the amount you owe and you want to change the direct debit date to 7/15/20 as per the government/IRS proclamation? What is the procedure to get that accomplished?

Since this was just announced yesterday, there is no procedure in place yet. Be patient and the IRS will update their website with information when the procedures have been put into place.

Re: Official COVID-19 (Coronavirus) and extension thread

Doublej371 — Wed, 18 Mar 2020 20:08:01 GMT

I need a extension . They said they are taking $140 from account because of two forms 1095A andand a 8962 form. Should of you guys included thease in my taxez that I am paying $140 for

Re: Official COVID-19 (Coronavirus) and extension thread

AmyC — Wed, 18 Mar 2020 20:19:27 GMT

If you have already filed your return, you can not file for an extension for time to file.

This is a self prepared tax software. The forms are available. You are responsible for including your tax forms in your return.

If the IRS adjusted your refund due to the lack of inclusion, they will send the rest.
If you owe the IRS, thanks to the Coronavirus, there is an additional 90 days to pay. You don't need to ask for the extra time to pay.

@Doublej371

Re: Official COVID-19 (Coronavirus) and extension thread

gus4113 — Wed, 18 Mar 2020 20:36:28 GMT

Will using the 90-day payment extension cause any issues if I'm already on an installment plan for a previous year?

Re: Official COVID-19 (Coronavirus) and extension thread

CatinaT1 — Wed, 18 Mar 2020 20:41:45 GMT

Each tax year is separate so it should not effect your installment plan.