When I e-filed, I selected direct debit of federal balance due from my bank account to be withdrawn on 4/15/22. It is now 4/18/22 and the payment has not posted to my account. Is there anything I need to do to ensure my tax liability is paid on time? Will TurboTax cover the penalty & interest if the amount is not withdrawn from my bank account before the end of the day?
There is nothing you have to do since you filed and choose a payment date on or before the April 18th midnight deadline.
Funds are usually withdrawn on the payment date you specify in TurboTax, assuming your e-filed return has already been accepted (received) by the IRS. If that date falls on a weekend or federal holiday, the funds are typically withdrawn the next business day.
If you file right before (or on) the busy April 18, 2022 deadline, the IRS may not be able to debit your payment until after the deadline due to high e-filing volume. Additionally, it can take your bank another few days to post the debit to your account.
Don't worry. As long as you filed your return (or extension) on or before April 18, 2022, and you selected April 18, 2022 (or earlier) as your payment date, you won't get penalized for late payment.
If you still don't see the debit in your bank account 7–10 days after your return has been accepted, call IRS e-file Payment Services at 1-888-353-4537 or contact your state tax agency.
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