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Do I have to make my tax payment if I'm getting an extension to finish filing?

 
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5 Replies

Do I have to make my tax payment if I'm getting an extension to finish filing?

Yes.  An extension is not an extension to pay.  You will be charged interest if you don't pay before the due date.

DawnC
Expert Alumni

Do I have to make my tax payment if I'm getting an extension to finish filing?

The extension extends your filing date, not your payment due date.   You do not have to make a payment in TurboTax to file the extension - you can tell TurboTax you are getting a refund when filing the extension.   However, interest starts accruing on any portion of your tax bill that is unpaid today.   If you are unsure of what you owe, estimate high and make a payment.   You can schedule it through TurboTax or make the payment directly to the IRS.  

 

If you make the payment directly through the IRS, it counts as filing an extension.  See this IRS Extension Help page.  

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HDar
New Member

Do I have to make my tax payment if I'm getting an extension to finish filing?

My understading is that you would have to make an estimated payment if you're anticipating/estimate to owe tax. If you're anticipating not owning any then the estimated payment can be zero. The risk is IRS will charge an interest on the amount unpaid. If over paid, good luck trying to get interest for that over paid amount :( 

stvgld2
New Member

Do I have to make my tax payment if I'm getting an extension to finish filing?

Agree with above answers; will add that if you underpay then you will be accessed a double interest rate - one penalty interest and the other a regular interest.  If you know how much to pay, do it now.  If you are not sure and want to avoid these interest payments then you can overpay and request a refund when you complete the paperwork.  If you don't have the money, you can ask for a payment plan (which, as I recall, has regular interest but not penalty interest, and you can pay monthly going forward).  TTax does support requesting an IRS payment plan if your issue is being short on funds today, that is your best bet.

DawnC
Expert Alumni

Do I have to make my tax payment if I'm getting an extension to finish filing?

They do pay interest on overpayments.   If you underpay, you will interest and penalties.   By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly.


In general, we (the IRS, not TurboTax) pay interest on the amount you overpay starting from whichever is later:

 

  • Tax return filing due date
  • Late filed tax return received date
  • Date we get your return in a format we can process or
  • Date the payment was made

We stop paying interest on overpayments on the date we refund your overpayment (and interest) or offset it to an outstanding liability.

Exception: We, the IRS, have administrative time (typically 45 days) to issue your refund without paying interest on it.

 

If you request a payment through TurboTax, it goes through the IRS, so it is better to do that through directly through the IRS and skip the TurboTax middle man.  

 

@stvgld2 

@HDar

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