Learn about which situations require Form 1040-V, as well as how to fill out this IRS payment voucher.
Depending on your tax situation, there may come a time where you will need to make a payment to the IRS and submit a completed Form 1040-V. Let's take a closer look as to what this form is, who would need to fill this form out, and what options you have when making payments to the IRS.
What is Form 1040-V?
This form is a payment voucher you send along with your check or money order when you have a balance due to the IRS on any of the following forms:
You'll know you have a balance due by looking at the "Amount you owe" section of the 1040 form you completed. But you would only have to file a Form 1040-V if you're sending a check or money order to the IRS to pay your income tax bill. If you choose to pay your bill electronically or with cash, you will not need to complete this form.
What is the process for filling out Form 1040-V?
There are four pieces of personal information you need to include:
- Line 1: Enter your Social Security Number (SSN). If you are filling out a joint return, then you will enter the first SSN listed on your Form 1040.
- Line 2: If you are filling out a joint return, enter the second SSN listed on your Form 1040.
- Line 3: Enter the amount you owe and are paying by check or money order.
- Line 4: Enter your name(s) and address. This information needs to match exactly with the information you supplied on your income tax return.
Once you've printed and fully completed the form to send along with your check or money order payment, make sure you do not staple the form to your payment.
How should I fill out my check or money order?
You should write the check or money order out to "United States Treasury" and include the following information somewhere on the check or money order:
- Your name.
- Your address.
- Your phone number.
- Your SSN or Individual Taxpayer Identification Number (ITIN). If you filed a joint return, you should include the SSN of the first person listed on your Form 1040.
- The year and the type of individual income tax return you completed. For instance, if you are sending money owed on your 2020 taxes and you filed a regular Form 1040, you would write "2020 Form 1040."
When writing the amount you're paying on the check or money order, the IRS advises you to write the amount in this manner: "$XXX.XX." You should not use dashes or lines such as "$XXX—" or "$XXXxx/100."
There are several different addresses used to receive payments; the address you'll use depends on where you live. Take a look at the second page of your Form 1040-V to find the address that applies to you.
Can I pay my tax bill with cash?
Yes, you can pay your bill with cash. However, do not mail cash to the IRS. Instead, you need to go in-person to pay through one of their cash processing partners at a participating retail store, such as a CVS Pharmacy, 7-Eleven, or Dollar General. It’s important to know that if choosing this payment option, you’ll only be able to make payments of up to $1,000 per day. Additionally, there are limits to how often you can make cash payments during a month or year.
Before you make a cash payment through an IRS retail partner, you'll also need to follow these four steps:
- Go to the ACI Payments, Inc. site and follow the instructions to set up your cash payment.
- You'll then receive a confirmation email from the ACI Payments website. Make sure to double-check all the information for accuracy.
- Once the IRS has verified your information, you will receive another email with a link to your payment code and instructions. You can print the payment code at home or send it to your smartphone to take with you to the business where you'll be making your payment.
- Within 7 days of receiving your code via email, you'll need to go to the retail store listed on the email you received and give the clerk your payment code. Make sure to get a receipt of payment from the store to keep with your tax records. It typically takes two business days for your payment to post to your IRS account.
For any cash payment through an IRS retail partner, you will be charged a fee of either $1.50 or $3.99 that goes to the cash processing company.
Additionally, you can make a cash payment through an IRS Taxpayer Assistance Center (TAC). Before making a cash payment through TAC, you’ll need to follow these three steps:
- Call 844-545-5640 at least 30 to 60 days in advance to schedule an appointment to pay. When calling, you’ll need to give an estimate of how much you want to pay, which type of taxes you’ll be paying, and an estimate of the number and denomination of bills you plan to use.
- Take your paperwork and money with you to the appointment. If you need to make another appointment, make sure you do that before leaving so you won’t have to call again to schedule.
- Take your receipt home and keep it in a safe place with your other tax documents.
Can I pay my tax bill electronically?
Yes, you can use online payment methods to pay any amount you owe to the IRS. In fact, paying your tax bill online is the quickest way to make your payment. You also have some options when making your payment electronically:
- You can use direct pay to make a payment from your checking or savings account without paying any additional fees. You will receive instant confirmation that your payment is made, and you can schedule your payment up to 30 days in advance.
- You can also use your debit or credit card to pay your tax bill. When using a personal consumer debit or credit card to pay a 1040 bill, the card processing company charges a fee per transaction. You can pay with Visa, Master Card, Discover, American Express, STAR, Pulse, or NYCE cards.
- Additionally, you can use the Electronic Federal Tax Payment System (EFTPS) to pay your bill online for free. This system requires your SSN or ITIN, a personal pin number, an internet password, and a secure browser to process payments. This makes it a secure choice for processing your tax bill. You can also use the EFTPS to schedule payments up to 365 days in advance, and you will receive immediate payment confirmation. You can enroll in this service online or over the phone. It usually takes up to five days to complete enrollment.
Bottom line: When paying your personal income tax bill, you’ll have the option to pay online, with cash, or by check or money order. When paying with check or money order via the mail, you will need to complete and submit a Form 1040-V along with your payment.
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