pay IRS from Fidelity CMA?

[earlierme]

When I e-file with H&R Block tax software, I usually pay taxes owed from my regular checking account
which usually doesn't have that much there.

This year because of the amount owed, it would actually make more sense to pay from the CMA
versus transferring from CMA to my regular checking account then paying from there.

Am I overthinking this?

 

[Mark1]

Am I overthinking this?

Probably. Our only checking account is our Fido CMA and although we always get a small refund, I have used it successful for many years. Does your CMA have a routing number and account number? If so, I don't see why you would have any problem.

 

[Dtail]

I do think you are overthinking it. As stated above, you should have a routing number and account number.
One possible but unlikely caveat. Does the CMA account have more digits than the typical checking account number? I seem to remember some of their accounts have more numbers than the typical account.

 

[braumeister]

I do think you are overthinking it. As stated above, you should have a routing number and account number.
One possible but unlikely caveat. Does the CMA account have more digits than the typical checking account number? I seem to remember some of their accounts have more numbers than the typical account.

I've been using a Fidelity CMA as my main checking account for quite a few years, and the long account number has never been a problem anywhere.

 

[Sunset]

I would transfer the money to continue to use the same account. Makes it easier for me to know when I get a refund or pay that it always shows up in a specific account.

 

[Koolau]

I would transfer the money to continue to use the same account. Makes it easier for me to know when I get a refund or pay that it always shows up in a specific account.

This would be my thinking also but I'm somewhat a creature of habit.

 

[ncbill]

I've switched over to a rewards credit card.

fee is 1.75% at pay1040 dot com...my reward percentage is higher.

 

[Sunset]

I've switched over to a rewards credit card.

fee is 1.75% at pay1040 dot com...my reward percentage is higher.

I've done that in the past, I go through : Payments | Internal Revenue Service

As I would hate to mistype the URL, since scammers must have all sorts of variations just wanting waiting for a typo

 

[PaunchyPirate]

I just opened my Fidelity CMA in January. I still have my local PNC Bank that the IRS is well acquainted with after making years of direct deposits and payment withdrawals. But one of my reasons for the CMA is to have a more "portable" checking account in case I decide to pick up and move outside of PNC's service territory. So I decided to test the waters on having the IRS withdrawal my $2400 payment directly from the CMA. It worked like a charm. I used the routing and account numbers printed on my checks rather than the longer account number provided on the Fidelity site. Both should work and probably do. My approach worked fine. The IRS made their withdrawal on exactly the day I told TurboTax to do it.

Now I feel confident that I can have my Social Security deposits and Medicare payments also made to/from the Fidelity CMA account when those start happening in the future.

I still am keeping the PNC account with a small amount of money in it for local cash and local bank services, however.

 

[jazz4cash]

I have paid property taxes from a Fidelity CMA account for the past three yrs. Some Fidelity accounts have long account numbers but if you search I think you will find routing and account numbers in the standard format. I put these numbers on the county’s 3rd party collection site.

 

[audreyh1]

I ended up opening a second high yield savings account at one of my banks to pay Federal estimated taxes and any taxes owed with 1040 filing. It's not used for anything else. This is where I park funds that I expect to pay in taxes during the year and I don't need to worry about there being enough, plus the interest rate is decent. This is linked to my EFTPS account, but with having to move to IRS.gov account this year I'll see if there is any difference.

 

[mrfeh]

I've been using a Fidelity CMA as my main checking account for quite a few years, and the long account number has never been a problem anywhere.

+1

Been using Fido CMA for IRS payments/refunds for several years.

 

[rk911]

If your CMA has a routing and account numbers then I don't see a problem otherwise transfer fhe cash to checking.