I know how much I owe the IRS, but I don't know if TurboTax will handle the transaction. If they don't, then it would be great to know and I can proceed with paying the IRS directly.
In the File section of the program on Step 2 when you have taxes owed you can select direct debit from your bank account to have the taxes paid. This information is sent with the tax return and the IRS then debits your account on the date you selected.
If I instructed Turbotax to do the direct debit on April 6th, 2021, then how long does it take for the debit to show up at my bank. It is now April 10th and I still haven't seen the payment sent to/taken by the US Treasury. How long does the direct debit for payments take? Thanks.
There isn't a published deadline for the IRS to process your bank debit - they will debit your bank account according to their internal procedures and your bank will process that debit according to their internal procedures.
All you have to make sure of is that there are sufficient funds in your account until the payment is posted.
The IRS can take as long as it likes to debit your account for taxes due them - they can't debit any earlier than you authorized, but they aren't obligated to do it on the day you select. Also, banks do not post bank credits or debits to your account on weekends or holidays.
@Anonymous I am in very similar situation. It's been 7 days and the money hasn't been taken. Please let me know if you have any updates. I will do the same for you.
@quadad It took mine somewhere between 7 and 15 days. If you selected the debit, I promise, the IRS will debit you. Just have to be patient and make sure the funds are there.
If you want to check the debit date you specified, look on the filing instructions for your return. It will tell you the debit date the IRS or State will deduct the payment. If you did not print them out you can view them using the following steps:
TurboTax Online
To get back into your return after printing or e-filing, please follow these steps:
In TurboTax Online, sign into your account.
You should be on your Tax Home page.
Scroll down to Your tax returns & documents.
Select 2020, and then select Add a State (you're not actually adding a state, this just gets you into the right menu).
Once you're in your return, you can navigate around as usual.
Click Tax Tools (in the black bar on the left of your screen) and then click select Print Center.
Click Print, save or preview this year's return
TurboTax CD/Download
Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
In the Forms in My Return list on the left, click Filing Inst. [It's usually toward the bottom of the list.] The form will appear on the right side of the screen.
You can view the form on the screen or you can print a copy by clicking the Print box at the bottom of the screen.
To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.