1120-US ELF: Payment options for electronic returns with a balance due (FAQ)

Alerts and notices

Question

If I have a balance due, what payment options are available for electronic filing?

Answer

If you are electronically filing an 1120 return with a balance due, the following payment options are available.

  • Electronic funds withdrawal (EFW) - In Screen ELF, enter a date in the Requested payment date field for when you want those funds withdrawn. You can also specify a partial payment to be electronically withdrawn by entering the amount to be withdrawn in the Amount of tax payment field in Screen ELF. This amount cannot be more than 200 percent of the amount of tax due with the return.

    Notes

    • The Requested payment date field is a required entry if you want the IRS to withdraw funds. You also need to complete the bank information in Screen Bank.
    • Electronic filing allows electronic filers with a balance due to authorize a direct transfer from their checking or saving account. Using this feature, electronic filers can file early and set a date for automatic payment if there is a balance due, but not later than the return's original due date. For returns transmitted after the original due date, the payment date must be the same as the date on which return is transmitted or the return will be rejected.
  • Electronic funds transfer (EFT) - Select one of the options in the Corporate filing instruction field in Screen Letter.