Video: Can I E-File If I Owe Taxes?
Filing your tax return online can be extremely convenient. But did you know the IRS also allows you to make payments on taxes you owe from previous years? Watch this video to learn more about e-filing your taxes.
Video transcript:
Wondering if you can e-file if you owe taxes? This edition of Tax Tips by TurboTax will explain how you can file and pay online!
Filing your federal income tax return online is convenient, and you can e-file whether you owe taxes or are getting a refund. If you end up owing taxes with your return, the IRS offers several payment methods you can choose from.
For the option that won’t charge you a dime, you can authorize an electronic funds withdrawal directly from your bank account. You can schedule the withdrawal for a date that works best for you, up until your federal individual income tax return due date.
With TurboTax, you can easily set up an account withdrawal when you’re ready to file. Just be sure to schedule it by your return due date to avoid potential interest and penalties.
Alternatively, you can use your credit or debit card to pay at the same time you e-file your return. Keep in mind that all credit and debit card payments are processed by private companies that charge a fee.
These fees vary but are typically a percentage of your payment. You also have the option to make a credit or debit card payment by phone after you e-file, for a fee, using one of the payment processors approved by the IRS.
Approved payment processors are listed in the instructions for Form 1040. Another method is to prepare a payment voucher on Form 1040-V and mail it to the IRS with a check or money order.
Regardless of how you choose to pay, ensure that you make your payment by the April deadline. Even if you file for an extension to file your taxes, your payment is still due by the April deadline.
Ready to e-file? With TurboTax, we’ll ask you simple questions and help you find the tax benefits you deserve. Visit turbotax.com for more info to help you file your taxes with confidence!
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And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they'll be done right. No matter which way you file, we guarantee 100% accuracy and your maximum refund.
Get started now by logging into TurboTax and file with confidence.