Pay tax due and continue return preparation

[santoshc123]

Hello,

I completed most of my return in turbotax and am ready to pay the tax due. I am not ready to file the return though as I need to work through the 8938 forms. How do I pay the tax due right away to avoid increase in penalty and continue working on the remaining forms that do not affect the tax due?

Also, how is the penalty calculated now as I delay the payment of the tax due? Does it increase each day or each month?

thanks,

santosh

[NCperson]

if you stated you are going to pay on April 15, it doesn't change the penalty.  Suggest just completing the rest of the return as there is still plenty of time between now and April 15. 

If you listed an earlier date, then the penalty may be slightly less in which case you can use one of the vouchers that Turbo Tax prints and pay now and then deduct that payment from the return. 

[PaulaM]

What kind of penalty? The most common is for underpayment of estimated taxes. If this is your case, then paying now will not change the calculation. See here. But if you still want to, you can pay directly on the IRS website. 

[santoshc123]

I think it is for the underpayment of estimated taxes.  The link you gave says "The number of days late is first determined and then multiplied by the effective interest rate for the installment period." -- so it looks like the penalty will increase the more I delay. What is the effective interest rate?

If I pay tax via direct debit from IRS, how do I provide that info in turbotax?

Santosh

[santoshc123]

@NCperson Where in turbotax account can I see the penalty amount? I remember being asked when I want to pay and the penalty amount was calculated but I cannot find it in my account now.

I had stated I will pay on Feb 28th but I have not paid yet, as I need more time to prepare the return. How do I change this estimated date of filing the return?

thanks

santosh

[NCperson]

Before you complete the submission it will ask for the bank account info