There are so many confusing answers on this site, I need a solid, for sure answer. Will my initial payment be direct debited, yes or no?
No, if you selected to pay out of your bank account, with one payment.
Yes, if you want to set up an installment plan to pay your taxes over time.
If you applied for a payment plan with the IRS through TurboTax, everything you do regarding your payment plan going forward, will be with the IRS directly. To setup or check on your payment plan, use the following links:
However - if you just mean that you JUST selected to pay your taxes out of your bank account - on your tax return; then, the IRS will debit your account automatically and you don't need to do anything else. TurboTax just transmits this information on your tax return.
No, if you selected to pay out of your bank account, with one payment.
Yes, if you want to set up an installment plan to pay your taxes over time.
If you applied for a payment plan with the IRS through TurboTax, everything you do regarding your payment plan going forward, will be with the IRS directly. To setup or check on your payment plan, use the following links:
However - if you just mean that you JUST selected to pay your taxes out of your bank account - on your tax return; then, the IRS will debit your account automatically and you don't need to do anything else. TurboTax just transmits this information on your tax return.
Ok, so I e filed thru turbo tax, selected direct debit, and set up all my payment info ( initial amount, and monthly) , my federal return was accepted. Now there’s nothing else I need to do, correct?
I don’t need to make any initial payment on the IRS site or mail a check?
No, you don't need to mail in a payment or make payment at the IRS if you selected to have the IRS direct debit your account.
If the money doesn't come out a few days after you selected for them to debit your account, then you should look into it.
You keep saying "initial" payment - which makes me think you are setting up a payment plan. If so, refer to my initial answer.
When we e filed, Turbo Tax gave us the installment plan set up options. We chose direct debit, and gave them all of our banking information. Also chose our down/initial payment amount, monthly payment amount, and payment dates.
I was just getting confused, as we then had the federal return accepted email, and it said to print and send a voucher with a check. As of right now, I have done nothing, since as I understand it, there is nothing else I need to do as we e filed, and they have our banking information, and installment request, and they will debit our initial/down payment.
Got it. Yes, this is a new feature in TT - you can setup payment plans directly through us.
You do NOT have to make a payment on your own. If your plan isn't setup by the first due date, then you might need to make a payment, but if you don't the worst thing that would happen would be a very small amount of interest on that payment.
What I would recommend is a week or so before that first payment is due, follow the instructions in the second link I provided (in the above answer), and check if your payment is scheduled. If not, you can make it directly. Everything you do going forward related to your payment plan, will be through the IRS - not TurboTax.
Perfect, this is easily the best answer about this on the site, thank you so much for the help!