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how soon after you file your taxes does the government dock your checking account?

Muse

Lifer
Jul 11, 2001
30,186
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I started my Turbotax return today and discover I'm gonna owe more taxes than I have in my checking account. I have another checking account with different bank in town, I can move funds over... don't know how long that will take. And I can fund my checking account(s) from a couple of savings accounts. Anyway, tax day is Monday May 17 this year and I want to know when the IRS and California will be hunting for their money in my checking account. I suppose I could include a check with my state return (I never fork over the $25 or whatever to state efile), but the federal return I figure I'll efile, since that's free.
 

bbhaag

Diamond Member
Jul 2, 2011
5,614
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IME EFTs can take anywhere from 1-7 business days. On average though when we pay our quarterlies it takes around 2-3 business days before the money is transferred out of our account. This is in Illinois though so it may vary a little bit in your location.
 

compcons

Golden Member
Oct 22, 2004
1,854
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I thought there is an option to file electronically but mail a check in to cover what you owe. I think I have done that in the past and was planning on it for this year.
 
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Muse

Lifer
Jul 11, 2001
30,186
3,572
126
I thought there is an option to file electronically but mail a check in to cover what you owe. I think I have done that in the past and was planning on it for this year.
That would save me enough time to fund my checking account from online savings accounts. I suppose that Turbotax will indicate if I can do that BEFORE I efile?
 

Dr. Detroit

Diamond Member
Sep 25, 2004
7,594
229
106
Print the return - place it in the mail on the 17th with your checks.

The state of California will accept a check, however, if you are required to send by EFTand they have notified of you as such you will need to EFT. If not, send a check.
 

MtnMan

Diamond Member
Jul 27, 2004
5,955
4,183
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It appears that the OP has procrastinated on doing his taxes.

Or why not write yourself a check from one bank and deposit it in the other bank. If your bank has mobile deposits on their phone app, it would take 3 minutes tops.

I thought there is an option to file electronically but mail a check in to cover what you owe. I think I have done that in the past and was planning on it for this year.
There is. Tax software will print the voucher you send back with your check. Had to do that several times.
 
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zinfamous

No Lifer
Jul 12, 2006
105,804
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I've noticed that the IRS wastes no time in deducting from your checking account if you owe--expect processing to occur within 48 hours. ...but if they owe you? You could be waiting up to a month or longer.

(I'm still waiting 1.5months+ for some extra, amended cheese--but it was an amended return, which I think they normally claim up to 3 months to process, anyway)
 
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Nov 8, 2012
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I've noticed that the IRS wastes no time in deducting from your checking account if you owe--expect processing to occur within 48 hours. ...but if they owe you? You could be waiting up to a month or longer.

(I'm still waiting 1.5months+ for some extra, amended cheese--but it was an amended return, which I think they normally claim up to 3 months to process, anyway)
Truf.

I filed my return back in... February I think? Maybe early March at the latest?

I still haven't received my refund. Normally I don't put myself in a position to be owed and would rather that I owe them - but late last year bought a vehicle with a $7,500 tax credit that put me back in the owed position =/


Fuckers better pay me interest on that.
 

highland145

Lifer
Oct 12, 2009
41,477
4,274
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Fuckers better pay me interest on that.
Many years back, Dad owed and sent a check. IRS sent it back plus $, said he over paid. Called and they insisted they were right. Some time later, they requested their $ back, the $ he originally owed and sent him a 1099 for the interest he "should" have earned on their $.
 

dullard

Elite Member
May 21, 2001
22,806
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Or why not write yourself a check from one bank and deposit it in the other bank. If your bank has mobile deposits on their phone app, it would take 3 minutes tops.
Unless the two banks are the same bank, he'll likely find that they will deposit the first $100 immediately and the remainder in 3 to 14 days (more than 5 days is for checks over $5000). That delay is by law to give time for fraud investigations to occur.

More information: https://www.investopedia.com/terms/c/check-hold.asp
 
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Muse

Lifer
Jul 11, 2001
30,186
3,572
126
Unless the two banks are the same bank, he'll likely find that they will deposit the first $100 immediately and the remainder in 3 to 14 days (more than 5 days is for checks over $5000). That delay is by law to give time for fraud investigations to occur.

More information: https://www.investopedia.com/terms/c/check-hold.asp
Some checking into details reveals I can probably manage this pretty easily. One of my accounts has almost enough to withstand the IRS raid and the other can take the hit from California, but I'll want to bolster that account because that's the one that gets autopayment hits. I have enough cash at home that deposited to the first bank will get my account able to withstand the IRS hit. So, I'll visit that bank today, make the deposit and getting two birds with one stone, swap the HD in my safe deposit box there.

Meantime, I'll do an ACHC transfer from one of my savings accounts to the second bank and I'm good for a while. No problems.
 

deadlyapp

Diamond Member
Apr 25, 2004
5,899
348
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Truf.

I filed my return back in... February I think? Maybe early March at the latest?

I still haven't received my refund. Normally I don't put myself in a position to be owed and would rather that I owe them - but late last year bought a vehicle with a $7,500 tax credit that put me back in the owed position =/


Fuckers better pay me interest on that.
I've generally filed before the IRS is even processing returns and have gotten it back within a month of processing open (sometimes faster). However I also don't have any investment vehicles that take forever to send out their forms so it is a little easier.
 

nakedfrog

No Lifer
Apr 3, 2001
51,179
3,758
126
Truf.

I filed my return back in... February I think? Maybe early March at the latest?

I still haven't received my refund. Normally I don't put myself in a position to be owed and would rather that I owe them - but late last year bought a vehicle with a $7,500 tax credit that put me back in the owed position =/


Fuckers better pay me interest on that.
I e-filed on April 6th and got my refund on April 14th.
And I dunno if you noticed, but interest rates right now are somewhere between fuck and all. Would you even notice the 17 cents or whatever the interest would be?
 
Nov 8, 2012
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I e-filed on April 6th and got my refund on April 14th.
And I dunno if you noticed, but interest rates right now are somewhere between fuck and all. Would you even notice the 17 cents or whatever the interest would be?
"Interest" isn't defined by what the going market-rate is for a US Checkings/Savings Account with a bank. It is commonly 3-5% depending on factors - mostly because it's deemed as a loss that you could have been earning interest. If I put that money into stock-index funds, I could have made a lot more than 0.5% of savings accounts.

Try owing taxes and not paying on-time and see what the interest rate is that they charge you ;) Same goes with court cases and paying late, etc...


 
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Muse

Lifer
Jul 11, 2001
30,186
3,572
126
I e-filed on April 6th and got my refund on April 14th.
And I dunno if you noticed, but interest rates right now are somewhere between fuck and all. Would you even notice the 17 cents or whatever the interest would be?
Best FDIC insured interest rate I know of right now is 0.50%. There may be better out there, but at that rate it's hardly worth it to look.
 

pcgeek11

Lifer
Jun 12, 2005
18,127
2,032
126
I use TurboTax online and have always just sent a check snail mail for what I owe. Maintains control for me.
 
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MtnMan

Diamond Member
Jul 27, 2004
5,955
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Lately, I have waited until the last day possible. I know I owe and there is zero chance I am going to be in some sort of rush to give up additional money.
You can file as soon as you have all your info. That protects you from someone filing a false return with your SSN, and receiving a refund based on the crap they enter.

Then you send the check on your schedule. I typically send it a day or two before the filing deadline. As pcgeek pointed out, that leaves you in control.
 
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dank69

Lifer
Oct 6, 2009
27,763
9,874
136
Truf.

I filed my return back in... February I think? Maybe early March at the latest?

I still haven't received my refund. Normally I don't put myself in a position to be owed and would rather that I owe them - but late last year bought a vehicle with a $7,500 tax credit that put me back in the owed position =/


Fuckers better pay me interest on that.
Usually get my return in a week or two. This year...stuck as "processing" since February.
 
Dec 10, 2005
21,000
2,472
126
I've noticed that the IRS wastes no time in deducting from your checking account if you owe--expect processing to occur within 48 hours. ...but if they owe you? You could be waiting up to a month or longer.

(I'm still waiting 1.5months+ for some extra, amended cheese--but it was an amended return, which I think they normally claim up to 3 months to process, anyway)
I scheduled the day it would withdraw when I filed earlier in the year. Can't say what would happen though if you wait till the last minute to file.
 

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