Official COVID-19 (Coronavirus) and extension thread

[DoninGA]

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@Blorkman567 wrote:

what if you e-filed already,IRS accepted and you set up a direct debit for 4/15/20 for the amount you owe and you want to change the direct debit date to 7/15/20  as per the government/IRS proclamation? What is the procedure to get that accomplished?

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Since this was just announced yesterday, there is no procedure in place yet.  Be patient and the IRS will update their website with information when the procedures have been put into place.

[Doublej371]

I need a extension . They said they are taking $140 from  account because of two forms 1095A andand a 8962 form. Should of you guys included thease in my taxez that I am paying $140 for

[AmyC]

If you have already filed your return, you can not file for an extension for time to file.

This is a self prepared tax software. The forms are available. You are responsible for including your tax forms in your return.

• If the IRS adjusted your refund due to the lack of inclusion, they will send the rest. 
• If you owe the IRS, thanks to the Coronavirus, there is an additional 90 days to pay. You don't need to ask for the extra time to pay.

Related:

• What is tax form 1095-A?
• What if a family member is on my Marketplace plan but is not listed on 2019 my tax return?
• Where do I enter my 1095-A?

@Doublej371

[gus4113]

Will using the 90-day payment extension cause any issues if I'm already on an installment plan for a previous year?

[CatinaT1]

Each tax year is separate so it should not effect your installment plan.

[CatinaT1]

@Doublej371  If  you do it this way there should be no additional charge.

Here is how to get the form 8962 filled out. Please note: You are NOT going to amend your return and you are NOT going to add a state return. These directions are quirky but will get the job done.

1.  Log into your return
2. Select that you want to add a state - this lets you into the program without the amend process starting.
3. In the top right corner, locate the Magnifying glass/search  
4. enter the exact words 1095a
5. Select the first entry Jump to 1095a
6. Fill in the 1095a information
7. Print and mail the 8962

The IRS may adjust your refund once they receive your form 8962. 

[Critter]

@gus4113 

Your issue is the same if you do not pay the entire 2019 balance due by 4/15 or 3 months later ... when you are on an installment plan it can be null and void if you do not keep up on all tax liabilities in the future ... so the IRS could cancel the payment plan and demand payment in full if they will not allow you to adjust the current  plan to include the new taxes owed.  

[littleturle55]

"Relief for Individuals and Businesses with Taxes Due

The Treasury and IRS also announced the deferment of federal tax payments, interest free and penalty free, for 90 days, until July 15. Individuals can defer up to $1 million in payments, and businesses can defer up to $10 million in payments.

What is a federal tax payment? When you file your taxes you either get a refund or owe the IRS money.  If you owe, the amount you pay to the IRS is called a federal tax payment.  "

You get to wait 3 more months as you owe money.

[chinchu-sup]

Hi,

I have an underpayment penalty to be paid with the tax. Is that also waived by the COVID-19 relief/extension ?

Thanks.

[gus4113]

Hi,

Thanks for the reply. I just want to make sure I'm understanding this correctly:

Under my installment agreement for the 2017 tax year I'm required to "File all required tax returns on time & pay all taxes in-full and on time".

Assuming I continue making payments to my installment agreement, file my tax return by April 15th, 2020, and pay my taxes due for 2019 by July 15, 2020, would I be meeting that requirement?

[Critter]

It is assumed this is correct but  the ink is still wet on this provision. 

[mjrengaw]

Just a heads up to everyone that when you call to cancel your scheduled payment it is an automated system so very quick and easy. If you are already using the IRS EFTPS online service to schedule your quarterly estimated tax payments (highly recommended if you do need to make quarterly estimated payments) you can just use that to then schedule your tax payment for 2019 on the new due date of 7/15/20.

[loch0]

so the 3 month delay was official yesterday, but TT deluxe mac - download will not let me enter a direct debit date later than 4/15/2020.

When will this be updated?

[Critter]

It most likely will not ... so choose the option to mail in a check then either mail it or go online and pay the IRS directly ... www.IRS.gov/pay

[cbco7]

Here is a link to the IRS Guidance, "Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic": https://www.irs.gov/pub/irs-drop/n-20-17.pdf