What to do if tax payment check was less than required amount?

Question

I noticed my written check record was $45 less than tax required payment but am not sure the check was wrong. Do I send another check to be on the safe side? This is my 1040v tax return for 2006.

Answer 1

I would. Just send another 1040V with the extra $$$. If you overpaid, the IRS will sort it out in a few weeks and return the excess to you. Beats getting hit with penalties and interest for late payment.

Answer 2

I wouldn't send a check at this time. I would wait until the check clears. If you are off by $45, then you can pay the IRS once they send you a bill or you can pay them once you realize that there was an error.

The interest should not amount to much. If you are assessed any penalties, you can probably have them waived.

If you still want to send a check, then send a separate check along with a 1040-V along with a letter, and a copy of your tax return, explaining that you think that you underpaid your taxes. It still needs to be postmarked by tomorrow though.

Answer 3

If your payment was short, the IRS will send you a bill for the remainder. There should not be a penalty, and the interest on $45 will be minimal. Do not send another 1040v, and definitely not another copy of your return, best to wait until first payment is processed, will be easier to send addtional later than get back if you send too much.

Answer 4

If you sent it a week or more ago, check your bank and see what the real amount was, it should have cleared by now. If you just mailed it, I wouldn't worry about it - if the check is too little, they'll let you know, and you won't pay much extra on just $45.

If you're really worried about it, you could send them a check for $45 with another voucher, but probably isn't worth the effort.

Answer 5

Bostonianinmo is correct. The others have underestimated the effects of penalties for late payment.

Of course, at $45, it won't much matter when it comes down to the dollars and cents, but the principle is that you should err on the side of caution. The mere fact that you asked the question in the way you did suggests that is what you are inclined to do.

Answer 6

I just spoke with a nice lady from the IRS. My husband and I filed through Turbo Tax and recieved our refund through direct deposit. She stated that last week they realized a problem with Turbo Tax. The IRS does not have our account numbers. The payment is sent to Turbo Tax's account first and then they send it to us...thats why your deposit says that. My husband's last two are 13 so ours was sent to Turbo Tax's account May 2nd along with the remaining recipients that filed with them 00-20 but as soon as that happened, Turbo Tax closed their account and sent the money back to the IRS. The IRS now has to recieve back in their system and then they will generate a check that will be mailed out to us. She said to allow 2-3 weeks to recieve your check via mail. Its very disapointing to hear this news and I wish they had a better method of relaying this info to us instead of us having to wait on hold for 30 minutes. I'm blessed to be getting anything. 2 days, 3 weeks, or a month...the money will come when you need the most. Praise God we are getting something. I hope this answer helps everyone. Hope you get it soon!!!!

Answer 7

no