How long for irs to pull from checking

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robertmcd
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How long for irs to pull from checking

Post by robertmcd » Mon Apr 16, 2018 8:56 pm

If I need to pay 40k for my estimated taxes while filing an extension to wait on a K1 for my partnership income, will that money need to be in my checking account tomorrow if I file electronically? I have most of my money in no penalty CDs and need a few days to get it to my checking.

euroswiss
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Re: How long for irs to pull from checking

Post by euroswiss » Mon Apr 16, 2018 11:06 pm

Yes, the account will be tapped within 24hours of filing in my experience.

toast0
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Re: How long for irs to pull from checking

Post by toast0 » Mon Apr 16, 2018 11:20 pm

Note that ACH timelines have been getting quicker in the past year or so, so you don't want to be surprised.

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whodidntante
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Re: How long for irs to pull from checking

Post by whodidntante » Mon Apr 16, 2018 11:38 pm

You could pay your estimated tax with a rewards card. You'll get a month or more of float and the rewards usually offset the fee. Other ways to get money fast include a HELOC and a margin loan. But I'm curious, why can't you get the money from the CDs on the same day? Are you trying to avoid a wire transfer fee?

FYI, my credit union really hates it when I take an enormous HELOC draw and pay it off two days later. But that doesn't stop me.

lynneny
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Re: How long for irs to pull from checking

Post by lynneny » Mon Apr 16, 2018 11:58 pm

I filed Friday, and owe the IRS. I just checked my Schwab account, and the IRS hasn't taken the money out yet. So longer than 24 hours, but don't know how much longer it'll be.

AlohaJoe
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Re: How long for irs to pull from checking

Post by AlohaJoe » Tue Apr 17, 2018 12:12 am

robertmcd wrote:
Mon Apr 16, 2018 8:56 pm
If I need to pay 40k for my estimated taxes while filing an extension to wait on a K1 for my partnership income, will that money need to be in my checking account tomorrow if I file electronically? I have most of my money in no penalty CDs and need a few days to get it to my checking.
I filled out the form in the evening and the IRS pulled it from my account at 8:04am the following day.

RickBoglehead
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Re: How long for irs to pull from checking

Post by RickBoglehead » Tue Apr 17, 2018 5:25 am

lynneny wrote:
Mon Apr 16, 2018 11:58 pm
I filed Friday, and owe the IRS. I just checked my Schwab account, and the IRS hasn't taken the money out yet. So longer than 24 hours, but don't know how much longer it'll be.
When you file and owe, you designate what day you want the funds to come out. Most designate the due date.

Estimated federal taxes can be designated on dates also, and the funds will come out that day in my experience.

mgensler
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Re: How long for irs to pull from checking

Post by mgensler » Tue Apr 17, 2018 5:39 am

Write a check and mail it if you need a few more days. The IRS takes their ach on the day you designate. If you mail in a check, it has to be postmarked at midnight on the day taxes are due. It won't be cashed for a time after that.

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Toons
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Re: How long for irs to pull from checking

Post by Toons » Tue Apr 17, 2018 8:11 am

My quarterly estimated was auto paid the 17th.
That is the day it was debited from checking account.
:happy
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sperry8
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Re: How long for irs to pull from checking

Post by sperry8 » Tue Apr 17, 2018 8:34 am

AlohaJoe wrote:
Tue Apr 17, 2018 12:12 am
robertmcd wrote:
Mon Apr 16, 2018 8:56 pm
If I need to pay 40k for my estimated taxes while filing an extension to wait on a K1 for my partnership income, will that money need to be in my checking account tomorrow if I file electronically? I have most of my money in no penalty CDs and need a few days to get it to my checking.
I filled out the form in the evening and the IRS pulled it from my account at 8:04am the following day.
Exactly what happened to me... I filed online payments last night. And early this AM they were pulled.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

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midareff
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Re: How long for irs to pull from checking

Post by midareff » Tue Apr 17, 2018 8:41 am

euroswiss wrote:
Mon Apr 16, 2018 11:06 pm
Yes, the account will be tapped within 24hours of filing in my experience.
+1

robertmcd
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Re: How long for irs to pull from checking

Post by robertmcd » Tue Apr 17, 2018 9:20 am

Wait I can pay from a savings account right? My CD's are at CIT bank so I think I can just cash one out to savings today and be okay.

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randomizer
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Re: How long for irs to pull from checking

Post by randomizer » Tue Apr 17, 2018 11:01 am

I don't know the exact timing, but I've always been surprised by how fast the IRS cashes checks (and pays refunds).
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RetiredAL
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Re: How long for irs to pull from checking

Post by RetiredAL » Tue Apr 17, 2018 2:00 pm

mgensler wrote:
Tue Apr 17, 2018 5:39 am
Write a check and mail it if you need a few more days. The IRS takes their ach on the day you designate. If you mail in a check, it has to be postmarked at midnight on the day taxes are due. It won't be cashed for a time after that.
"...won't be cashed for a while...." -- Careful with that thought.

I wrote checks to both the IRS and FTB, mailed them Monday 4/9. Both checks posted with my bank on Wed 4/11. I call that pretty quick.

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