Federal income tax payment via wire transfer

[Peter]

Following a house sale we have a large tax payment to make. I would like to do this with a wire transfer, but the IRS seems determined to make this as difficult as possible.


There's a worksheet to be filled out: https://tinyurl.com/bds5jp4t


One of the entries is a 'tax type', but nowhere have I found the correct 5 digit number for an individual tax return.


Wondering if anyone here has solved this problem?

 

[njhowie]

**A comprehensive Tax Type list is available online at www.irs.gov

Here is a table with the list of all codes, but likewise I don't see what it would fall under.

https://www.huntington.com/-/media/pdf/federaltax.pdf

 

[Peter]

**A comprehensive Tax Type list is available online at www.irs.gov

Thanks, but that list doesn't show payment for an individual income tax return.

 

[COcheesehead]

I made a six figure tax payment with IRS Direct Pay without a problem.

 

[Peter]

I made a six figure tax payment with IRS Direct Pay without a problem.

That's probably what I'll end up doing. My only issue is having to make several transfers from my brokerage account to get around the daily limit.

 

[COcheesehead]

That's probably what I'll end up doing. My only issue is having to make several transfers from my brokerage account to get around the daily limit.

I don’t recall having a max at Fidelity. IRS Direct has a $10,000,000 limit per day.

 

[ocean view]

I believe your tax type would be 10406. 1040 because that is the form number for an individual tax return, with a 6 added to designate this is an estimated payment. If this is not an estimated payment, then select a different suffix code.

The other codes listed are common business/corporate tax forms. Individuals are generally encouraged to pay by EFTPS, which is why the 1040 is not listed.

 

[Peter]

I believe your tax type would be 10406. 1040 because that is the form number for an individual tax return, with a 6 added to designate this is an estimated payment. If this is not an estimated payment, then select a different suffix code.

The other codes listed are common business/corporate tax forms. Individuals are generally encouraged to pay by EFTPS, which is why the 1040 is not listed.

Ah yes, thanks, that does make sense. The payment I'm dealing with isn't estimated, it's just the final return payment. Possibly that would be suffix 5, for a code of 10405. It would be nice to get official confirmation of that, though.


And in case anyone is wondering, the IRS has generously allowed residents of specific California counties to delay payment of 2022 taxes until October 16th. Yes, the money has been earning ~5% in the meantime!

 

[ocean view]

Ah yes, thanks, that does make sense. The payment I'm dealing with isn't estimated, it's just the final return payment. Possibly that would be suffix 5, for a code of 10405. It would be nice to get official confirmation of that, though.


And in case anyone is wondering, the IRS has generously allowed residents of specific California counties to delay payment of 2022 taxes until October 16th. Yes, the money has been earning ~5% in the meantime!

I think 5, 6 or 7 would work. My preference would be 6 or 7. 5 is my least favorite because it’s too generic. This is the IRS after all.

Here’s an excerpt from the relief declaration that influenced my guidance:

“The Oct. 16 deadline also applies to the estimated tax payment for the fourth quarter of 2022, originally due on Jan. 17, 2023. This means that taxpayers can skip making this payment and instead include it with the 2022 return they file, on or before Oct. 16.”

https://www.irs.gov/newsroom/irs-ma...a-taxpayers-in-california-alabama-and-georgia

 

[ncbill]

Direct Pay for me as well.

Not jumping through the verification hoops to setup an account.

 

[OldShooter]

I just send 'em a check certified mail. We sold a lake home last year, so my April 15 check to the feds was $73K. IIRC I had about 6 weeks of float before they cashed the check.