How to Pay Federal Taxes Owed
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December 19, 2024
Where to Mail Your Georgia Tax Returns
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If you owe federal taxes to the IRS, there are several ways to make a payment. Here are the available methods:
1. Online Payment Options
a) IRS Direct Pay
- Allows you to pay directly from your checking or savings account.
- No fees are involved.
- You can make payments for various tax forms and estimated taxes.
Steps:
- Visit the IRS Direct Pay website.
- Select the reason for payment (e.g., 1040 for individual tax returns).
- Provide your personal and bank information.
- Verify and submit the payment.
b) Debit or Credit Card
- You can pay your taxes using a debit or credit card through an approved payment processor.
- There are fees involved, which vary depending on the processor.
Steps:
- Go to the IRS Payment Processor Page.
- Choose a processor (e.g., PayUSAtax, Pay1040, ACI Payments).
- Enter the payment details, amount owed, and card information.
c) IRS2Go Mobile App
- The IRS2Go app allows you to pay taxes, check the status of your refund, or find free tax preparation services.
- Available on iOS and Android.
Steps:
- Download the IRS2Go app.
- Open the app and select the “Make a Payment” option.
- Use Direct Pay or pay by debit/credit card.
2. Payment Plan (Installments)
If you cannot pay the full amount owed, you can set up a payment plan with the IRS.
a) Short-Term Payment Plan
- For balances that can be paid within 120 days.
- No setup fee, but interest and penalties will accrue until the balance is paid.
b) Long-Term Payment Plan (Installment Agreement)
- For balances that will take longer than 120 days to pay.
- Requires a setup fee ($31 if paid through direct debit, $130 for other methods).
Steps to Apply:
- Visit the IRS Payment Plan page.
- Click on “Apply Online for a Payment Plan.”
- Fill in your personal information and choose the plan that suits your needs.
3. Mail a Check or Money Order
You can mail a check or money order if you prefer to pay by mail.
Steps:
- Make the check or money order payable to the “United States Treasury.”
- Write your Social Security number (SSN) or Employer Identification Number (EIN), tax year, and the form you are paying (e.g., 1040) on the check.
- Mail the payment with a copy of the payment voucher (from your tax return).
Mailing Address:
The address to mail your payment depends on your location. Check the appropriate mailing address in the IRS Instructions.
4. Electronic Funds Withdrawal (EFW)
If you e-file your tax return, you can choose to pay the amount owed by setting up an Electronic Funds Withdrawal (EFW) directly from your bank account.
5. IRS Pay by Phone
You can call an IRS-approved payment processor to pay by phone using your debit or credit card.
- Call the processor’s phone number listed on the IRS website and provide the necessary payment details.
- Note: A convenience fee will apply.
6. Same-Day Wire Transfer
You can wire your payment to the IRS from your financial institution. This method may have bank fees associated with it.
Steps:
- Complete the Same-Day Taxpayer Payment Worksheet on the IRS website.
- Take it to your financial institution to initiate the wire transfer.
7. Paying by Cash
The IRS also offers a cash payment option, which can be made at participating retail partners.
Steps:
- Visit the IRS cash payment page.
- Follow the instructions to locate a retail partner, get a payment code, and make the payment in person.
By choosing one of these methods, you can ensure that your federal tax payment is made securely and on time.
