Understanding the IRS Withdrawal Process
When you make a payment to the IRS through your online account, the funds are typically withdrawn on the payment date you specified, provided that your return has been accepted. However, there are a few factors that can affect the timing of the withdrawal:
- Method of payment: If you pay by direct debit from your checking or savings account, the funds will be withdrawn immediately. If you pay by debit or credit card, the funds will be withdrawn within 1-2 business days.
- Time of day: If you make a payment after 8:00 PM Eastern Time, the funds may not be withdrawn until the next business day.
- Weekends and holidays: If the payment date falls on a weekend or holiday, the funds may not be withdrawn until the next business day.
Monitoring Your Payment Status
You can track the status of your payment by logging into your online account and clicking on the “Payment Activity” tab. This tab will show you a list of all payments you have made, including the date the payment was made, the amount of the payment, and the status of the payment.
What to Do if Your Payment is Not Withdrawn on Time
If your payment is not withdrawn on time, you should contact the IRS customer service at 800-829-1040. A representative can help you determine the status of your payment and resolve any issues that may be preventing the withdrawal.
Additional Information
Payment Options
In addition to direct debit and debit or credit card payments, you can also make payments to the IRS through the following methods:
- Electronic Federal Tax Payment System (EFTPS)
- Check or money order
- Cash
Payment Plans
If you are unable to pay your taxes in full, you may be able to set up a payment plan with the IRS. A payment plan allows you to spread out your payments over a period of time, making them more manageable.
Penalties and Interest
If you fail to pay your taxes on time, you may be subject to penalties and interest. The penalty for late payment is 0.5% of the unpaid tax for each month or part of a month that the tax remains unpaid, up to a maximum of 25%. The interest rate on unpaid taxes is the federal short-term rate plus 3%.
Additional Resources
Can the IRS Take Money Out of Your Bank Account? IRS Bank Levies Explained!
FAQ
How long does it take for IRS to withdraw payment from bank account?
How long does it take the IRS to take your money if you owe?
How long does it take the IRS to process a payment?
Why is the IRS not taking my payment?
How long does a tax refund take?
Once the IRS gives your refund the green light, it generally takes a few more days for it to reflect in your bank account. Some financial institutions are super quick and may process your refund on the same day, while others might take a day or two longer.
When will tax refunds hit my bank account?
Early filers claiming the earned income tax credit (EITC) or the additional child tax credit (ACTC) will face a delay regardless. The IRS must hold those refunds until mid-February by law, meaning they won’t hit taxpayers’ bank accounts until around Feb. 27, according to the IRS.
When will my tax refund be withdrawn?
If that date falls on a weekend or federal holiday, the funds are typically withdrawn the next business day. If you file right before (or on) the April 15, 2024, deadline, the IRS may not be able to debit your payment until after the deadline due to high e-filing volume.
How many times can the IRS take money from my bank account?
Most banks require you to provide your Social Security number or taxpayer identification number in order to open a bank account. How Many Times Can the IRS Take Money From Your Bank Account? There’s no limit on the number of times the IRS can attempt to levy your bank account for unpaid tax debts.