how do i change the amount of federal tax to be paid to less than amount owed

Forum|Forum|1 year ago
March 31, 2025
1 reply
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i have funds in my irs acct and do not have to pay the total amount calculated.

mesquitebean

Employee

@yankoron wrote: how do i change the amount of federal tax to be paid to less than amount owed
i have funds in my irs acct and do not have to pay the total amount calculated.

More info is needed. Please describe the types of payments that were credited to your IRS account. It may be more than one type. For example, is it from a 2023 overpayment (2023 refund) that you elected to apply (all or part) toward your 2024 taxes? Or is it from 2024 estimated tax payments that you made for 2024 during the past year; i.e., quarterly estimated taxes? Or do you have funds there that were a "payment with a 2024 extension?" Or is it a combination of any of those 3 types of payments? Or is the balance in your IRS account due to some other type of credited payment?

It's important to know what types of payments you were credited with by the IRS since they are entered in different sections of TurboTax, depending on what types you have in your IRS account balance.

yankoronAuthor

I attempted to make an estimated tax payment for 2024, but transferred funds on Jan 2, so it was not considered an estimated tax payment. But since the funds were in my IRS acct, I wanted to use them to pay a portion of my 2024 tax bill. I found two options in Turbo Tax. One was associated with payment for an extension (which this was not). There was another option on the same Turbo Tax page, but I don't recall what it was for. I used that option and the funds were deducted from my tax bill. But Turbo Tax did not include any additional forms to account for the funds.

mesquitebean

Employee

@ yankoron wrote:
I attempted to make an estimated tax payment for 2024, but transferred funds on Jan 2, so it was not considered an estimated tax payment. But since the funds were in my IRS acct, I wanted to use them to pay a portion of my 2024 tax bill. I found two options in Turbo Tax. One was associated with payment for an extension (which this was not). There was another option on the same Turbo Tax page, but I don't recall what it was for. I used that option and the funds were deducted from my tax bill. But Turbo Tax did not include any additional forms to account for the funds.

Why do you say for the January 2, 2025 payment "it was not considered an estimated tax payment?" Many, if not most, people who are paying estimated taxes make their 4th quarter payment in January of the new tax year. For example, the 4th quarter 2024 estimate tax payment was due by January 15, 2025. So many people make their last 2024 payment during those first 2 weeks of January. They do have to be careful to indicate the correct tax year the January estimated payment was for (2024). So January 2 in itself is not an issue--that's still before the January 15 deadline for a 2024 estimated tax payment.

When you made that payment on January 2, did you indicate it was an estimated tax payment and was for tax year 2024? Hopefully, you indicated 2024 and not 2025. If you indicated it was an estimated tax payment for 2024, it can be entered in the TurboTax estimated tax payments section so you get credit for it. If that's your situation, we can tell you how to get to that section to report estimated tax payments. Are you using Online TurboTax or desktop software?

Also do you have an online IRS account? If so, what do you find out when you log into your online IRS account? When you go to the payment activity section there, it should show a list of all payments you've made over the last few years, the kinds of payment, and the tax year the IRS thinks each was for. It should show your January 2 payment and will tell you what it was for (such as estimated tax payment), and what tax year the IRS thinks it is for. You can also view your IRS account balance while logged in.