I owe Fed tax and I'd like to electronically file the return with TurboTax. I understand a form will be printed for me to mail in with a check. But I'd rather pay directly through my bank by electronic check. Can I do that? Thank you.
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Yes, you can pay the tax due electronically through your bank. When done with the TurboTax preparation, you will be given an option to choose direct debit or paper check. Please read here for details.
Yes, you can pay the tax due electronically through your bank. When done with the TurboTax preparation, you will be given an option to choose direct debit or paper check. Please read here for details.
Thank you for clarifying.
I have already e-filed my return. I have a voucher and a check. Is that all I send. Will I have to eventually amend this return anyway or will the IRS correct it for the $10,500 unemployment income exemption?
First, if you are expecting a decrease in amount owed - DO NOT MAIL A CHECK YET! Actually, in any case - do not mail a check until it is DUE - as of right now that's the extended due date of May 17th 2021. Make sure it is postmarked before midnight on that day - but definitely do not mail it in now - they don't issue you additional monies on interest earned on your money and you do not yet owe this money. Again, if you're expecting a decrease in amount owed due to new Unemployment ruling - HOLD OFF!
The IRS has also issued a statement to taxpayers who've already filed their 2020 returns to please NOT amend for this purpose alone - they're still deciding on the best way to handle this situation as the hope is that they will perform the adjustments as necessary on their end. Again, we do not yet know anything so since your payment due is not yet due, just hang on to your money for the next couple of months. This will also give the IRS time to work out the "kinks" in how they decided to handle this situation.
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