Do you currently make quarterly estimated payments to the IRS? Many retirees and high income earners have to pull out the checkbook, fill out a quarterly payment coupon, and mail in their check on a quarterly basis. Many of these individuals are unaware that starting in 2014, the IRS introduced a new program which allows you to electronically make these payments, as well as your annual tax liability quickly and securely. This program is called “IRS Direct Pay.”
IRS Direct Pay is simple. Once you are on the website (https://www.irs.gov/payments/direct-pay) you will click to “Make a Payment.” From there, you will choose the type of payment you are making (estimated tax, tax return, etc.) and then move on to the verification process. In order to verify your identity, you will need a copy of one tax return of your choice from the previous 6 years where you will be required to enter information on that return which will match the IRS system to verify your identity. Lastly, you will move to the step of inputting your bank routing and account numbers which can be found along the bottom of your bank checks or account ID card.
Additional details about the direct pay system:
· Receive an instant confirmation number and credit for your payment that day and your payment will process within 2 business days.
· Payments can also be scheduled for up to 30 days in advance.
· Direct Pay does not save any of your personal information or require you to create a login, so you will need to verify your identity each time you make a payment.
· Not available for business payments and they do not accept credit cards.
Direct Pay is simple, fast and secure and eliminates the need to write and mail checks to the IRS wondering if they ever received your payments. Visit the website for additional information and to start your payment today!