Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

When e-filing a personal 1040 when do the funds for payment due get withdrawn?

Highlighted
Level 1
 
Labels (1)
0 Cheers
3 Replies 3
Highlighted
Level 15
Level 15

On the date you choose (sometimes it can take a day or two to happen after the date youve scheduled).


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Highlighted
Level 15

Right after the check box for this, you can enter the date. 

From the Lacerte help key I found what will also apply to PTO:

"The program uses a default electronic payment date of April 15, 2020 for returns filed before and on April 15, 2020. For returns file after April 15, 2020, the electronic payment date will be the transmission date. Enter the date, in mm/dd/yy format, you want the debit of the electronic payment to take place before April 15, 2020. The program will not allow you to enter a date later than April 15, 2020."

For this year, replace April 15 with July 15. 


ex-AllStar
Highlighted
Level 15
Level 15
Ohhh, thats like Turbotax, if you dont select a date it defaults to the due date of the return....in Proseries you must choose a date.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers