Filing 2020 return after Oct 15 and owing federal taxes

[sunbird1]

I have just finished preparing my 2020 tax return ( it is Dec 31, 2021 today).  I did apply for an extention to file my 2020 federal tax return (form 4868) in May 2021.  I owe about $1400 in federal taxes. I will be getting a refund on my state taxes ( CA).   I cannot e-file my returns as IRS e-file is shutdown until January 2022 end. So I will be printing and mailing my federal and state ( CA) returns . I am using Turbo Tax Premier 2020.

(1) What is the way to get Turbo Tax to estimate the late payment penalty for my 2020 federal tax return?

(2) When I try to print my Federal Tax Return TurboTax tells me that I can mail IRS a check for $1400, which is the balance I owe on 2020 taxes, by May 17, 2021 ( !!).   This gives me the feeling that TurboTax is not aware of the current date.

Thanks for the time and help.

[xmasbaby0 · Accepted solution]

E-filing is permanently closed for 2020 returns so you can just ignore anything it is saying about a May filing date.    Your extension gave you until October 15 to file and pay your 2020 tax due, so now you are just late.   Your estimated tax due was supposed to be paid by that May date but apparently you did not pay.  TurboTax will not calculate the interest and penalty for being late.   When the IRS receives your return and the payment you make, the IRS will calculate your interest and late penalties and send you a bill in the mail.

You must be using the desktop software now, so choose to file by mail.   Print your return, sign and date it in ink on page 2 next to the words Sign Here, and mail it in.   You can pay by check or money order or you can pay on the IRS site.

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

 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/direct-pay 

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-mone... 

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-pay...

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

To apply for a payment plan with the IRS

Apply Online for a Payment Plan

[Mike9241]

(1) What is the way to get Turbo Tax to estimate the late payment penalty for my 2020 federal tax return?

Turbotax is not designed nor can it compute late payment penalties and interest. you will get a bill from the IRS.

(2) When I try to print my Federal Tax Return TurboTax tells me that I can mail IRS a check for $1400, which is the balance I owe on 2020 taxes, by May 17, 2021 ( !!).   This gives me the feeling that TurboTax is not aware of the current date.

It knows the current date it's just standard wording for when the $1,400 was actually due.

[sunbird1]

TY for answering my questions and providing detailed guidance.

I have set up a directpay transaction on the IRS webstite to pay the balance due on my 2020 federal tax. Hence I shall not be sending in a check ( with for 1040-V) with my paper return for 2020.

I am faced with the following questions -

(1) Which IRS address should I mail my paper 2020 federal tax reurn to ? The "no payment attached" address for my state ( California ) or the "payment attached address" ?  My  take is that I should mail my paper 2020 return to "no payment attached" address.

(2) Is it OK to include the one page confirmation of directpay payment of the balance due with my 2020 return ?  I will not be including any 1040-V forms since I am not enclosing any check with my return.

Thanks much for the guidance.

[fanfare · Accepted solution]

the instruction booklet clearly says:

use this address if you are not enclosing a check"

so that's the address you use.

There is no need to include any direct pay confirmation.

You immediately have a credit in your IRS account when the payment clears.

Note: There is a backlog of millions of tax returns right now.

regardless your filing date is your Post Office postmark.