When does IRS payment post to my account? [Pay1040.com, EFTPS]

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Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sat Apr 13, 2019 10:57 am

Dear All,

Thank you so much for your past help.

I purposely overpaid my taxes due by $5,000 via extension 4868 on pay1040.com to purchase paper I-bonds with my refund. I'd like these I-bonds to be purchased prior to the end of April to lock in the 0.5% fixed rate.

Now, my pay1040.com confirmation from 4/10 states (bold added for emphasis): "This email confirms that your federal tax payment was received and processed by PAY1040 on 4/10/2019 X:XX PM CT. The IRS will use this date as the effective date of your payment. Typically, it takes the IRS 5 to 7 business days to post this payment to your account." However, I also have an EFTPS account, and my EFTPS account shows a corresponding transaction for the entire payment (payment input method "Bulk Filer") with a Settlement Date of 4/12/19.

Does this mean that the payment has already posted to my account, as it is after 4/12/19, and that I can go ahead and file my tax return to get my refund as paper I-bonds? Or am I mis-understanding the settlement date shown via EFTPS? If the latter, how do I know when the payment has "posted" to my IRS account?

Thank you so much!!!

kaneohe
Posts: 5579
Joined: Mon Sep 22, 2008 12:38 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by kaneohe » Sat Apr 13, 2019 10:26 pm

You could try calling IRS to be sure. I used pay1040.com to pay my taxes this yr.....but by automated phone. About 4 days later,
I called IRS and they confirmed that it had been received.

confusedinvestor
Posts: 467
Joined: Thu Mar 15, 2012 11:04 am

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by confusedinvestor » Sun Apr 14, 2019 12:40 am

took 5 days for my payment to post, you can create an user-id/password at irs.gov to check online for payment posting.

donall
Posts: 839
Joined: Tue Mar 13, 2012 6:45 am

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by donall » Sun Apr 14, 2019 8:42 am

I did this one year. The Ibonds were purchased in May. Pretty sure that taxes were paid the first or second week in April.

ivk5
Posts: 634
Joined: Thu Sep 22, 2016 9:05 am

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by ivk5 » Sun Apr 14, 2019 8:49 am

Why does OP need to wait for the payment to "post" to file the return? I wouldn't. It's not as though the payments reported on the return are going to be reconciled against the taxpayer's account in real time.

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 11:59 am

kaneohe wrote:
Sat Apr 13, 2019 10:26 pm
You could try calling IRS to be sure. I used pay1040.com to pay my taxes this yr.....but by automated phone. About 4 days later,
I called IRS and they confirmed that it had been received.
I see, thank you so much for sharing your experience and for the suggestion. Just to double check - do you mean calling 800-829-1040 as per https://www.irs.gov/faqs/irs-procedures ... uestions-2 ? Thank you again!

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 12:04 pm

confusedinvestor wrote:
Sun Apr 14, 2019 12:40 am
took 5 days for my payment to post, you can create an user-id/password at irs.gov to check online for payment posting.
Thanks so much. Do you mean the "View your Tax" account site at https://www.irs.gov/payments/view-your-tax-account ? I don't yet see it there under "Recent Payments" but the text right below the title says "Payments may take 1 to 3 weeks to be listed" which is not encouraging. I was hoping that the EFTPS "Settlement Date" for the transaction might somehow imply it had already posted, but was just not updated on my "View your Tax" account...

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 12:04 pm

donall wrote:
Sun Apr 14, 2019 8:42 am
I did this one year. The Ibonds were purchased in May. Pretty sure that taxes were paid the first or second week in April.
I see. Did you mail a paper return or E-file? In any case, I guess I don't have a choice unless I want to wait until October to try to get November I bonds (but then I won't get any interest on my $5,000 over-payment for 6 months?). Thank you for sharing your experience.

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 12:05 pm

ivk5 wrote:
Sun Apr 14, 2019 8:49 am
Why does OP need to wait for the payment to "post" to file the return? I wouldn't. It's not as though the payments reported on the return are going to be reconciled against the taxpayer's account in real time.
I see. So it is okay to go ahead and submit the return without waiting for the payment to post? Could this cause any problems? Thank you!

kaneohe
Posts: 5579
Joined: Mon Sep 22, 2008 12:38 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by kaneohe » Sun Apr 14, 2019 12:17 pm

need403bhelp wrote:
Sun Apr 14, 2019 11:59 am
kaneohe wrote:
Sat Apr 13, 2019 10:26 pm
You could try calling IRS to be sure. I used pay1040.com to pay my taxes this yr.....but by automated phone. About 4 days later,
I called IRS and they confirmed that it had been received.
I see, thank you so much for sharing your experience and for the suggestion. Just to double check - do you mean calling 800-829-1040 as per https://www.irs.gov/faqs/irs-procedures ... uestions-2 ? Thank you again!
yes, that's what I did. You have to wait for a rep but it was surprisingly not a long wait. There is some trickiness though w/ navigating the prompts. I kept getting into a dead end wanting a PIN. Forgot now what the trick was but I think you don't want to enter your SSN until
the rep asks you for it. Good luck. The other online suggestion sounds easier but I don't like to do these things online.

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 12:19 pm

kaneohe wrote:
Sun Apr 14, 2019 12:17 pm
need403bhelp wrote:
Sun Apr 14, 2019 11:59 am
kaneohe wrote:
Sat Apr 13, 2019 10:26 pm
You could try calling IRS to be sure. I used pay1040.com to pay my taxes this yr.....but by automated phone. About 4 days later,
I called IRS and they confirmed that it had been received.
I see, thank you so much for sharing your experience and for the suggestion. Just to double check - do you mean calling 800-829-1040 as per https://www.irs.gov/faqs/irs-procedures ... uestions-2 ? Thank you again!
yes, that's what I did. You have to wait for a rep but it was surprisingly not a long wait. There is some trickiness though w/ navigating the prompts. I kept getting into a dead end wanting a PIN. Forgot now what the trick was but I think you don't want to enter your SSN until
the rep asks you for it. Good luck. The other online suggestion sounds easier but I don't like to do these things online.
I see, thanks for sharing and for your suggestion re the menu prompts.

confusedinvestor
Posts: 467
Joined: Thu Mar 15, 2012 11:04 am

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by confusedinvestor » Sun Apr 14, 2019 3:14 pm

Yes, https://www.irs.gov/payments/view-your-tax-account

1. Once you create your account and login, you can see the payment history b/c mine posted sooner vs what says on the IRS website and/or https://www.pay1040.com/

Note: irs.gov website is very secure like socialsecurity.gov and I highly recommend it as you can review your old tax returns, payment history etc.

2. Also, don't worry, if the payment from https://www.pay1040.com/ doesn't post by April 15 b/c IRS will look for the tx data when you paid via your credit card using the https://www.pay1040.com/

3. You should have got a online receipt from https://www.pay1040.com/ on your payment date and IRS will consider that as 'payment' date.

4. Your credit card will also show a proof of the tx date of sending the payment to IRS (my Bank of America Premium reward card shows that...) and a separate tx for the fees portion of https://www.pay1040.com/ service.

So as long you pay and pay before April 15, you are good to go...Hope this helps.
need403bhelp wrote:
Sun Apr 14, 2019 12:04 pm
confusedinvestor wrote:
Sun Apr 14, 2019 12:40 am
took 5 days for my payment to post, you can create an user-id/password at irs.gov to check online for payment posting.
Thanks so much. Do you mean the "View your Tax" account site at https://www.irs.gov/payments/view-your-tax-account ? I don't yet see it there under "Recent Payments" but the text right below the title says "Payments may take 1 to 3 weeks to be listed" which is not encouraging. I was hoping that the EFTPS "Settlement Date" for the transaction might somehow imply it had already posted, but was just not updated on my "View your Tax" account...

Topic Author
need403bhelp
Posts: 693
Joined: Thu May 28, 2015 6:25 pm

Re: When does IRS payment post to my account? [Pay1040.com, EFTPS]

Post by need403bhelp » Sun Apr 14, 2019 5:18 pm

confusedinvestor wrote:
Sun Apr 14, 2019 3:14 pm
Yes, https://www.irs.gov/payments/view-your-tax-account

1. Once you create your account and login, you can see the payment history b/c mine posted sooner vs what says on the IRS website and/or https://www.pay1040.com/

Note: irs.gov website is very secure like socialsecurity.gov and I highly recommend it as you can review your old tax returns, payment history etc.

2. Also, don't worry, if the payment from https://www.pay1040.com/ doesn't post by April 15 b/c IRS will look for the tx data when you paid via your credit card using the https://www.pay1040.com/

3. You should have got a online receipt from https://www.pay1040.com/ on your payment date and IRS will consider that as 'payment' date.

4. Your credit card will also show a proof of the tx date of sending the payment to IRS (my Bank of America Premium reward card shows that...) and a separate tx for the fees portion of https://www.pay1040.com/ service.

So as long you pay and pay before April 15, you are good to go...Hope this helps.
need403bhelp wrote:
Sun Apr 14, 2019 12:04 pm
confusedinvestor wrote:
Sun Apr 14, 2019 12:40 am
took 5 days for my payment to post, you can create an user-id/password at irs.gov to check online for payment posting.
Thanks so much. Do you mean the "View your Tax" account site at https://www.irs.gov/payments/view-your-tax-account ? I don't yet see it there under "Recent Payments" but the text right below the title says "Payments may take 1 to 3 weeks to be listed" which is not encouraging. I was hoping that the EFTPS "Settlement Date" for the transaction might somehow imply it had already posted, but was just not updated on my "View your Tax" account...
I see. Thank you so much for the helpful information and highlighting different ways in which I will be able to confirm the date of the payment to the IRS via pay1040.com.

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