A tax company prepared my taxes for 2014 and they gave me a 1040-V to submit along with a check in order to pay my owed amount to fed.
I chose to use my eftps.gov account to make the payment, and I think I have made a mistake by not specifying the right form from the list presented to me by the online system.

The system showed 1040ES, I could not find 1040-V - so I paid as 1040ES.
I had both W2 and 1099 this year, so pretty much all the money I owe is because of the 1099 amounts.

Is this OK if I paid as 1040ES and not 1040V ?
Any personal experience with such things ?

Thanks.

I have the same question. I don't understand the drop down options on EFTPS. I want to pay for my self-employment taxes that will be due this year. I tried to do a 2210-AI on Turbo Tax but they say I have to do it with filing of my 1040. So now I'm sort of stuck between years. I just want to pay, at least some, of what will be due this year, so I don't have a huge bill (with penalties) at the end of the year.

no I do not think so; as you can see, they have two totally different purposes. Estimated payments, for the current year,2015, are made with a 1040-ES. The 1040V is the form you send with a payment already owed based on a return that has been filed for 2014. Since your payment has already been submitted and you discover you made a mistake, you can cancel your payment or you can call EFTPS Customer Service ,24 hours a day, 7 days a week, for other options. If for some reason that does not work, you can call the IRS business general number to speak to a representative to make this change ;they might also require a written statement to be sent in.

This might sound silly, but I don't get their different purposes. I thought the 1040-V payment went to cover our estimated ES. What you say makes sense, I guess that's why there's no drop down for ES. But then I'm left wondering, what is 1040-V going to pay for, if not our ES?

Our pay is very irregular throughout the year, I couldn't pay the first two 1040-V on time. As I understand, I can explain this on the 2210-AI. For our 2014 return, I thought it was just an extra form I could send in later. I didn't understand at the time that it had to go with the 1040 return.

Also, is it then correct that, I'm just stuck paying a penalty this year? That I cannot file a 2210-AI without a 1040? Is there anyway for me to "work off" our 1040-V, and where is that money going? Preferably with online payments. Thanks for any help!

This might sound silly, but I don't get their different purposes. I thought the 1040-V payment went to cover our estimated ES. What you say makes sense, I guess that's why there's no drop down for ES. But then I'm left wondering, what is 1040-V going to pay for, if not our ES?=======>>As said previously, 1040V is needed if you owe tax to the IRS ,so if you pay for 1040V , it goes to the IRS for tax liability /for any balance due on the “Amount you owe” line of your Form 1040,) while the 1040ES(Form 1040-ES is to calculate and pay estimated taxes for the current year. While the 1040 relates to the previous year), the estimated tax form calculates taxes for the current year. only needs to be filed if you do not expect the withholding tax to be sufficient to cover most of your 2014 tax. If you only owe a few dollars on your 2014 tax, you can pay it when you file in 2015. If you owe a large amount, then you will owe penalty for underpayments, which could be prevented by filing 1040ES forms to eliminate the underpayment.






Joe SixPack · 7 years ago


;as you indicated the wrong tax form or tax type, you need to contact the IRS in 10 business days to have a correction made.


Our pay is very irregular throughout the year, I couldn't pay the first two 1040-V on time. ======>

As I understand, I can explain this on the 2210-AI. For our 2014 return, I thought it was just an extra form I could send in later. I didn't understand at the time that it had to go with the 1040 return. ========>You should file a form 2210AL with your 40 / 40NR tax returns

Also, is it then correct that, I'm just stuck paying a penalty this year?=======>>You need to pay it ASAP;the penalty is equivalent to nondeductible interest on the amount you underpaid, for the period of the underpayment. If you underpay only a small amount, or you correct the underpayment quickly, the penalty will be small. The penalty for underpayment of estimated tax is figured the same as interest. You determine the amount of the underpayment for each period of time and the number of days in that period, then apply an appropriate interest factor. The interest rate is adjusted from time to time based on market interest rates.



That I cannot file a 2210-AI without a 1040?=======>> On the form 2210AL, I guess you need top contact the Dept of Rev of your home state for more accurate info in detail; those who have failed to pay or underpaid their AL state income tax liabilities should file a form 2210AL.

Is there anyway for me to "work off" our 1040-V, and where is that money going? Preferably with online payments====>>As said, you need to contact the IRS for more info in detail; I have no any idea about it. if you make a mistake in the tax period, then the IRS will autocorrect the period for current federal tax deposits.