EFTPS Tax Payment Question

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snray02
Posts: 144
Joined: Fri Apr 06, 2007 4:53 pm
Location: Central Texas

EFTPS Tax Payment Question

Post by snray02 »

I have an EFTPS (Electronic Federal Tax Payment System) account I use to make my quarterly tax payments. I will owe a small additional tax with my 1040 this year. The 1040 instructions clearly state (page 65) that you can pay any 1040 tax owed by EFTPS. The 1040 tax form doesn't have any way of indicating you are paying by EFTPS. You would think there would be a box to check.

So, my questions are: How do you indicate you paid by EFTPS? Should I put a note with my return indicating this? Do I need to do anything? Will the IRS automatically look at my EFTPS account and pick up the payment?

Thanks, Sam
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joe8d
Posts: 4478
Joined: Tue Feb 20, 2007 8:27 pm
Location: Buffalo,NY

Post by joe8d »

Hi Sam,
I also use EFTPS for my estimated tax payments,but use the electronic withdrawal option on my e-filed regular tax return.I believe that you can use EFTPS for that payment also.There should be that option on the drop down menu under form 1040 at the EFTPS site.
All the Best, | Joe
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HueyLD
Posts: 8690
Joined: Mon Jan 14, 2008 10:30 am

Post by HueyLD »

Sam,

If you e-file, the software should have an option to pay your tax due via direct withdrawal from your bank account. Just enter the routing number and the account number on the direct withdrawal page. The process is very similar to that of direct deposits.

If you paper file, follow joe8d's instructions.

Good luck.
Clevelander
Posts: 12
Joined: Thu Aug 07, 2008 1:16 pm

Post by Clevelander »

The previous advice is right. You don't do anything special on the 1040. Just make sure the payment is made in EFTPS, using the right SSN, by the deadline.
Topic Author
snray02
Posts: 144
Joined: Fri Apr 06, 2007 4:53 pm
Location: Central Texas

Post by snray02 »

Thanks, guys. I hadn't planned to e-file but I just bought TaxCut for $1 at Dollar Tree which includes one free e-file. What a deal! So, I may e-file this year and do the electronic funds transfer.
Thanks, Sam
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