Do not wait for the IRS to contact you. If you owe taxes, your payment needs to be made by the tax due date in order to avoid penalties and interest. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia - even if you don't live in the District of Columbia.
Form 1040V is a payment voucher that you need to send in with any check or money order for any balance due on your tax return.
If you have a balance due on your tax return and you owe taxes to the IRS, you should use a Form 1040V to make your payment.
You can find Form 1040V and its instructions on the IRS website . Your tax provider should also be able to provide you with one.
Estimated tax payments can't be made by credit card within the software. To pay your taxes by credit card please visit the IRS Website for more details.
Yes. If you cannot pay the full amount due as shown on your return, you can ask to make monthly installment payments. However, you will be charged a one-time user fee of $43.00, as well as interest on any tax not paid by its due date. Also, you can be charged a late payment penalty unless you can show reasonable cause for not paying the tax by April 15 even if your request to pay in installments is granted. Before requesting an installment agreement, you should consider less costly alternatives such as a bank loan.
To request an installment agreement, send Form 9465, Installment Agreement Request, with your return or call (800) 829-1040. You should receive a response within 30 days. For more details on installment payments, refer to Tax Topic 202, What To Do If You Can't Pay Your Tax, or Publication 594, Understanding the Collection Process.