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New electronic payment requirement for some individual income taxpayers

The 2017 Budget Bill includes a new requirement for certain tax payments.

Effective for taxable years beginning on or after Jan. 1, 2017, taxpayers who make estimated tax payments must submit all of their income tax payments electronically if:

• Any installment payment of estimated taxes exceeds $15,000 or
• Any payment made for an extension of time to file exceeds $15,000 or
• The total estimated income tax due in any taxable year exceeds $60,000.
Taxpayers should refer to the estimated income tax instructions for details about how to compute the total estimated tax due.

Based on our records of recent payments, we identified taxpayers who may meet this requirement effective with their estimated tax payment due June 15. We recently sent letters to these taxpayers.

If any of these thresholds apply to a taxpayer, they must make all future individual income tax payments electronically. This includes all payments for estimated taxes, extension payments, and any other amounts due when a taxpayer files a return.

See Individual Income Tax Payment Options.

If you have questions, please call 804.367.9286.

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