DQOTD: Can I Use EFTPS To Pay Amount Owed On My 1040 Return?

[Midpack]

I’ve used EFTPS for estimated taxes for years, but I was wondering if it could also be used to pay “amount owed” from a 1040? I’ve done a search and didn’t find anything that said I couldn’t. I’ve always made a point of owing a small amount and just applying it to the next year, but if I can pay amount owed with EFTPS maybe I’ll try to hit taxes paid exactly with my 4th quarter estimated taxes - just for yucks.

 

[cathy63]

Yes, you can use EFTPS to pay current taxes as well as estimated taxes.

You can also setup the payment for a future date when you e-file so you don't need to go back into EFTPS and set it up there.

 

[audreyh1]

I’ve used EFTPS for estimated taxes for years, but I was wondering if it could also be used to pay “amount owed” from a 1040? I’ve done a search and didn’t find anything that said I couldn’t. I’ve always made a point of owing a small amount and just applying it to the next year, but if I can pay amount owed with EFTPS maybe I’ll try to hit taxes paid exactly with my 4th quarter estimated taxes - just for yucks.

Yes, I do that almost every year. I schedule my owed payment, and instead of selecting 1040-ES I think you select something like 1040 return before entering in the payment info.

I generally do this right after we submit our E-file and get confirmation that it has gone through. I then schedule the payment to be drawn on 4/15. Don’t have to pay earlier.

We tell TurboTax that we aren’t paying with the return (paying separately?) and we don’t enter payment info in TurboTax. Software generates us a voucher to mail, but I just enter that info in EFTPS instead for 4/15 (or whatever the official due date is).