When will the amount we owe be withdrawn?

Forum|Forum|5 years ago
April 16, 2021
1 reply
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We are expecting our federal taxes to be a one time payment. Our return was accepted weeks ago but the funds have not yet been withdrawn from our account. On the printed TT federal form, it is showing 4 voucher payments with due dates way out in the future. I thought we submitted the return to have the all of it withdrawn from our bank. One of the vouchers even shows a due date of yesterday. It is very confusing. I do not see our bank routing info on our fed return although I entered in TT. I am hoping I didnt make a mistake. I need to know if we have a problem.

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xmasbaby0

Employee

Those four vouchers that say 1040ES are not for the tax due on your 2020 return. Those are optional vouchers to use for paying estimated quarterly tax for 2021 so that you can avoid a possible underpayment penalty at tax time next year. If you do not expect to owe more than $1000 at tax time next year you can ignore the four vouchers. The one that says 1040V is the one that could have been used if you mailed a check or money order to pay your 2020 tax due. The April 15 date on it is the original filing deadline---which has been extended now to May 17.

Watch your bank/credit card account for the IRS to take out the money that you apparently entered to be taken out as a direct debit when they process your return. Just like everything else right now...the IRS is behin and backlogged so they might not take out the money as fast as you wanted them to.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**