I filled out form 4868 extension to file federal return incorrectly, indicating that I owed 0. But I actually did owe and should have paid with the 4868. Had I done this, I would have owed 0.
I am ready to e-file my federal return. Can I make a payment at that time? What about the interest that I owe? Will that stop accruing if I pay the balance in full? Anything else I need to know?
Thanks
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Yes, you can make a payment when you file your tax return. TurboTax will give you a choice of ways to pay. Read the choices carefully.
The interest will stop accruing when you pay the tax that you owe. There might be a penalty on line 38 of your Form 1040, which is included in the total amount you have to pay. The IRS will send you a bill for interest and any additional penalties. If the amount is small, they might not bother to bill you.
can I make a payment directly on the IRS's website instead of with the e-file?
I think I can.
Sure ... the IRS will take your money that way happily. In the TT program choose to "mail in a check" in the FILE tab then don't mail in a check ... pay online instead.
You can pay your tax liability directly to the IRS at www.irs.gov/payments.
If you also have to pay state taxes, you will *NOT* pay your state taxes on the irs website. Not all states offer online payment options. So you'll have to check your state's department of taxation website for ways to pay. Most likely, your state will have the option to pay online and you can do so right away.
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