Deferred Payment Of Fed. Income Tax & TurboTax Software

Walter Rego

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I was going to take advantage of the rule allowing payment of the 2019 Federal Income Tax due to be deferred until July 15th.

I used TurboTax software and submitted my return several weeks ago, and set it up to pay the amount due on April 10th with an electronic debit from my checking account.

I went to the Turbotax website today to see what the process was to amend my return and change the payment date to July 10th. Guess what ? If the return was already accepted by the IRS, which it usually is within about 48 hours of electronic filing, the only way to change the payment date is to call the IRS. Yeah, right. I'd probably be on hold way past July 15th.

I doubt that TurboTax will be willing and/or able to do a software update to allow millions of their users to amend their Federal returns so I guess I will be forking over a bunch of money to Uncle Sam prior to April 15th as originally planned.

Just a head's up for any TurboTax, and probably other online tax software users that if you have already filed it is going to be quite an ordeal to try and change it.
 
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Since I owe, whenever I get around to finishing mine I'll just go ahead and pay it.
As the Hangman said, you should go ahead and finish the job.
Cut them down.
Don't just leave them hanging!
 
LOL... our Governor shut down all "non-life supporting" business.... including Accounting (aka Tax Preparation) firms ...... no doubt my Tax guy is "working from home" but I got nothing.

All my stuff is there as of 2 weeks ago...............
 
The real fun comes when you have to pay estimated taxes. 1st payment 15APR2020, second, 15JUN2020. Dave_n

I have read nothing about IRS providing exceptions to the dates for paying estimated taxes (1040-ES). However, I doubt there is a hard and fast enforcement rule about when they must be paid, or how much. On several occasions in the past I have made only two or three estimated tax payments instead of four, and nothing bad happened. In general, the purpose of the quarterly payments is so you can avoid a penalty for excessive underpayment when the 1040 is submitted, and the timing, number, and amount of the payments is more or less ignored by IRS as long as the total estimated taxes paid for the tax year are adequate to avoid a penalty.

Maybe there's a CPA here who might be able to address this.
 
I don't know, I keep paying more in taxes each year. Not a lot but noticeable. Income has risen but hardly noticeable. 2 years ago we got a couple hundred back. Last year we owed $3. This year $618. I'm pretty sure we got a tax cut recently. I guess in .gov terms that means they use a sharper blade to carve off that pound of flesh. Joe
 
I never have received a refund. I make my quarterly payments of $1000 and still end owing a couple hundred to the feds and around $50 to the state. I send them a check for their extra pound of flesh on 15 April.

I be making my quarterly payments on time but haven't decided when I'm going to pay the feds the $287 that owed. Apr 15 or July 15 can not decide, so I'll have to give it a little more thought
 
I really don't mind paying my share on my income.
Especially when I hear you boys are also paying!
The tax that goads me is the tax on SS.
You know, socialized insecurity.
When I fill out that form, it turns out that I'm taxed on twice the amount I actually receive.
On other words, I'm paying twice as much on SS as I pay on other income!
 
I guess I am glad I pay income taxes at my age, that means I still have enough income where I have to. What goads me is the amount I MUST take from my IRA every year (and it gets larger every year), just so I can pay tax on it. I don't need it to live on, so what I don't give away to my charities, I reinvest (so I can pay more tax).

Maybe a tiny teensy upshot of our current situation is I probably won't have to take as much from my IRA next year as the value of what is left is way down.
 
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