turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Oct 16 is the IRS deadline–file confidently with expert help. File Now
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

yzf457
New Member

When setting up payments for federal is the first payment sent by mail or drafted from my account? Thank you Jim K.

 
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Talk to a live expert to get the help you need.
1 Reply
TomK
Expert Alumni

When setting up payments for federal is the first payment sent by mail or drafted from my account? Thank you Jim K.

You will receive a letter from the IRS once your payment plan has been accepted, and your automatic debits will begin after that.  Please note that this can take up to three months to process, and penalties and interest on the unpaid balance will accrue during this time. 

While you are not required to do so, you are able to begin sending payments before you receive the letter (in addition to your initial payment).  If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied.  It would also be a good idea to include a short note indicating that you are making a payment toward your 2018 (or applicable year's) balance.

Note:  You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 15, 2019, to reduce the amount of interest and penalties that will be applied to your account.  You will be assessed an underpayment penalty for any amount of unpaid tax, which will be assessed based on the balance due as of April 15.  Additionally, the IRS will begin to assess interest on the unpaid balance then.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v