E-Payment Options
E-Payment Options
There are three electronic payment options:
- Electronic Funds Withdrawal
- Credit Cards
- The Electronic Federal Tax Payment System (EFTPS)
Option 1: Electronic Funds Withdrawal
You can e-file and at the same time, authorize an electronic funds withdrawal from your checking or savings account to pay the following taxes:
- Form 1040 series (federal income tax)
- Form 4868 (filing extension for individuals)
- Form 1040-ES (estimated tax)
- Form 940 (federal unemployment tax (FUTA))
- Form 941 (quarterly employment taxes - federal income tax,
social security and Medicare taxes)
- Form 990-PF (private foundation)
- Form 1041 (estates and trusts)
- Form 1120, 1120S, and 1120POL (corporate tax)
- Form 7004 (extension for corporations)
- Form 8868 (extension for exempt organization)
Advantages of Paying by Electronic Funds Withdrawal
Convenience:
- You can e-file early and schedule payments for a later date.
- NOTE: Employment taxes on Forms 940, 941, and 944 cannot be scheduled in advance.
- You receive an electronic acknowledgement once your e-filed return is accepted.
- Only what you designate as the payment amount will be withdrawn.
- Payments scheduled for withdrawal on or before the return due date will be considered timely.
Safe and Secure:
- Your bank account and tax return information is safeguarded.
- Only withdrawals authorized by you will be made.
- No other funds can legally be withdrawn.
Proof of Payment:
- The payment is listed on your bank statement as proof of payment.
Tip: The electronic funds withdrawal payment option is available through tax professionals and commercially available tax software.
Reminders:
- Electronic funds withdrawal (EFW) payments should be in whole dollars.
- The minimum payment is $1.
Setting Up an Electronic Funds Withdrawal
Information you'll need to set up an electronic funds withdrawal:
- The type of account you're using (checking or savings).
- Your bank's routing number.
- You bank account number.
How to Check on Your Payment
You can call toll free: 1-888-353-4537, 24 hours a day, 7 days a week to inquire about your payment.
You can also call the same number above to cancel a scheduled payment.
The cancellation request must be reached no later than:
- 8 p.m. Eastern Time
- At least 2 business days prior to the scheduled payment date.
Next:
E-Payment Options: Option 2: Paying With a Credit Card; Making a Payment or Verifying a Previous Payment;
Advantages of Paying by Credit Card
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