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Can I set up payment options to pull a certain amount out each month?

 
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6 Replies

Can I set up payment options to pull a certain amount out each month?

Do you mean you need a payment plan to pay your 2020 federal tax due?  What are you asking about monthly payments for?

 

You can set up a payment plan with the IRS:

 

https://www.irs.gov/payments/online-payment-agreement-application

**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.**

Can I set up payment options to pull a certain amount out each month?

If you want to pay your 2021 estimated taxes, you will have to make the payments yourself.  You can pay online at www.irs.gov/payments. You can make more than one payment per quarter, in fact, you can make tax payments to your account as often as you like. As far as I know however, you can’t set up automatic payments, you would have to remember to login and make your payments whenever you prefer, such as once a month.

 

If you have a business and make your tax payments through EFTPS, you will have to log in there and see if they have an automated payment feature. I think they don’t, because it would be logical that business tax payments would vary depending on the hours worked by their employees, but I haven’t used EFTPS in many years.

 

If you owe taxes for a 2020 or earlier tax return and can’t afford to pay them in a lump sum, there is a procedure to request a payment plan from the IRS.  When requesting a payment plan for past due taxes, there is a nonrefundable start up fee, and that start up fee will be lower if you agree to have your payments automatically deducted from your bank account on a monthly basis. The start up fee is higher if you want to pay by check.  

lambrecht1965
Returning Member

Can I set up payment options to pull a certain amount out each month?

When I filed I committed to a $6,000 amount to pay now and then a monthly automatic payment amount.    The $6,000 has not been taken from my account yet.   Does the down payment amount need to be paid separately with the voucher or online or will it eventually be deducted from my account just like the automatic monthly payment>

 

TiffanyL
Intuit Alumni

Can I set up payment options to pull a certain amount out each month?

@lambrecht1965 

 

If you set up a direct debit for taxes owed, funds will typically be withdrawn from your bank account on the date you specified unless the date falls on a weekend or holiday. Please see the FAQ link provided below for further assistance:

 

When will my tax payment go through?

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lambrecht1965
Returning Member

Can I set up payment options to pull a certain amount out each month?

So the initial $6,000 and then $1000 each month thereafter will all be deducted from the account given when I filed?    Just want to make sure I'm not expected to send a separate online payment for the initial $6,000.

AliciaP1
Expert Alumni

Can I set up payment options to pull a certain amount out each month?

Yes, on the date you requested it to be drafted.

 

@lambrecht1965 

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