I set up payment of Estimated taxes through Turbotax
linkage to EFTPS. I entered all the dates and amounts for each quarters estimated payments. But EFTPS does not show that payments are scheduled (it does have my account and banking info, etc).
Does TurboTax transmit this info to EFTPS when I actually FILE taxes electronically through TurboTax? Or do I need to enter the specific payment amounts and schedules directly into EFTPS?
And how can I cancel this in TurboTax or change it? Since EFTPS doesn't seem to have the info?
TurboTax does not schedule the payments; you would need to do that through the EFTPS system. TurboTax only calculates the amounts you should pay and will print out vouchers.
If you’re at risk for an underpayment penalty next year, we'll automatically calculate quarterly estimated tax payments and prepare vouchers (Form 1040-ES) for you to print. Mail your payment along with the corresponding 1040-ES voucher to the IRS address listed on the voucher. Quarterly payment due dates are printed on each voucher. OR you can opt to use one of the services below:
Additional estimated tax payment options available at the IRS Payment website.
You also have the option at the time you file your return to apply some or all of your refund amount to your estimated tax payments for the coming tax year.
TurboTax does not schedule the payments; you would need to do that through the EFTPS system. TurboTax only calculates the amounts you should pay and will print out vouchers.
If you’re at risk for an underpayment penalty next year, we'll automatically calculate quarterly estimated tax payments and prepare vouchers (Form 1040-ES) for you to print. Mail your payment along with the corresponding 1040-ES voucher to the IRS address listed on the voucher. Quarterly payment due dates are printed on each voucher. OR you can opt to use one of the services below:
Additional estimated tax payment options available at the IRS Payment website.
You also have the option at the time you file your return to apply some or all of your refund amount to your estimated tax payments for the coming tax year.
Where did you enter the dates and amounts? You don't enter that into Turbo Tax for the next year Estimates. You only enter the quarterly payments you made in 2019 for the current 2019 return.
I linked to EFTPS thru TT (premier), and responded to the questions,,,including dates and amounts for each 2020 quarterly payment.
I don't know if it was EFT{S or TT that was asking for the info.
When I printed the EFTPS confirmation it contained the bank account and registration info, but no details on quarterly payments. After I got my EFTPS sign on info and set up a password and checked the account, the quarterly payment dates and amounts were not shown as scheduled payments (or anywhere). TT did display the payments as scheduled during the interview, but I can't find where that is stored in TT during a subsequent session or looking thru forms.
EFTPS customer service said nothing had been sent from TT. But they didn't know if TT would be transmitting that info when I actually filed.
If TT doesn't do the actual payment processing for quarterly estimated payments, and TT doesn't transmit the info to EFTPS, then it's up to the taxpayer to enter the info directly into EFTPS. That's no problem, but it's not clear what, if anything TT is doing with all that estimated 2020 payment data and why I had to enter the dates and amounts. Neither duplicate or missed payments are a good thing. We need a clearly defined statement of what TT is doing or not doing in this regard. The user needs to know specifically if they must
re-enter the quarterly estimated payment details directly into EFTPS after their account has been set up and activated.