This year i owed $447 federally but got a refund of $447 from the state. both have been accepted as of 4 days again, does that mean they cancelled each other out?
This year i owed $447 federally but got a refund of $447 from the state. both have been accepted as of 4 days again, does that mean they cancelled each other out?
The “summary” given to you by TurboTax must have confused you.That summary just nets out the difference between a refund you are getting and an amount you owe. Or it adds two refunds or tax “due” amounts together.
The federal and state treasuries are completely separate from each other.
Your state tax due cannot be paid from a federal refund.
And….your federal tax due cannot be paid from a state refund.
Neither refund can be used to pay the amount due to the other one.
If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2024.
If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.
You must pay your state tax due using the state’s preferred method of receiving payment.For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
When i finished doing my taxes, turbo tax asked when and how i wanted to pay my dues, i wanted to do direct deposit for today so i gave them my information but they haven’t taken the money out yet. should i be expecting them to take it out of my account?
If you enter information for the IRS to use direct debit to withdraw money from your account to pay your federal tax due, they will do that---but you cannot expect that to happen instantly. It may take a few days---or if you did not specify a date, it will be on the filing deadline of April 15, 2024. Keep an eye on your own bank account. TurboTax never knows when, how, or even if you paid your tax due.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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