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I owe $11,674 in federal tax, but I should get refund of $9213 how much account balance should i keep

 
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4 Replies
CatinaT1
Expert Alumni

I owe $11,674 in federal tax, but I should get refund of $9213 how much account balance should i keep

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

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I owe $11,674 in federal tax, but I should get refund of $9213 how much account balance should i keep

Re: I owe $11,674 in federal tax, but I should get state refund of $9213 how much account balance should i keep in my account

I owe $11,674 in federal tax, but I should get refund of $9213 how much account balance should i keep

Federal and state are completely separate.  You have to pay the whole federal tax due.  So keep at least the $11,674 in your bank account if you want the IRS to pull it out.  

I owe $11,674 in federal tax, but I should get refund of $9213 how much account balance should i keep

The “summary” given to you by TurboTax must have confused you.  That summary just nets out the difference between a refund you are getting and an amount you owe.   Or it adds two refunds or tax “due” amounts together.

 

 

The federal and state treasuries are completely separate from each other.  

 

Your state tax due cannot be paid from a federal refund.

 

And….your federal tax due cannot be paid from a state refund.  

 

Neither refund can be used to pay the amount due to the other one.

 

If you owe tax due, you have to pay it yourself by the filing deadline on 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-mone... 

 

 

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-pay...

 

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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