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New Member
posted Jan 30, 2024 6:00:10 PM

Do i need to file a 1040 form if i owe taxes

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4 Replies
Level 15
Jan 30, 2024 6:01:19 PM

The Form 1040 is the federal tax return.  You need to report all income from all sources on your tax return regardless if you owe taxes or not.

Expert Alumni
Jan 30, 2024 6:01:43 PM

Yes.  You need to file Form 1040 - that form will calculate your taxes, so you know exactly what you owe.   

Level 15
Jan 30, 2024 6:08:20 PM

If you owe tax due for a 2023 tax return, pay by April 15, 2024.

 

 

 If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website. 

 

https://www.irs.gov/payments

 

 

https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

 

 

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403 

 

 

To apply for a payment plan with the IRS

 

Apply Online for a Payment Plan

 

 

You must pay your state tax due using the state’s preferred method of receiving payment.  For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.

https://ttlc.intuit.com/questions/1900884-what-are-my-options-for-getting-my-state-refund-or-for-paying-any-state-taxes-i-owe

 

https://ttlc.intuit.com/questions/1901670-how-do-i-contact-my-state-department-of-revenue

Level 15
Jan 30, 2024 8:41:32 PM

if you can't pay the taxes, there are various plans the iRS offers.    Not paying means besides owing the taxes every day additional penalties and interest are accruing.