You can send estimated federal tax payments from your Catch tax plan directly to the IRS.
What's an estimated payment?
Everyone is required to pay the federal government on income earned during the year. If your income is not subject to tax withholding (i.e. taxes aren't taken out of the money you're paid), you need to make estimated tax payments directly to the IRS. Estimated taxes are most often paid on a quarterly basis. More details here.
How does paying taxes through Catch work?
You can make a payment to the IRS directly through Catch. To do so, you must have money saved in your Tax Plan in Catch. When you are ready to make a payment, you can go to your Plan page, click "withdraw" and select "make a payment". Catch will walk you through the process to complete the payment.
- You can make a payment that is equal to or less than the amount of funds settled in your Catch Tax Plan (minus the processing fee) at the time you make the payment. For example, if you have $1,000 in your Catch Tax Withholding, you have $990 available to pay the IRS ($1,000 - $10 fee).
- If you do not yet have money saved in your Tax Plan, you can directly deposit any amount by clicking "deposit" on your Plan page. It can take 1-2 business days for the transaction to clear. Once your funds have settled and you have an available balance, you can follow the instructions above.
What's the cost?
There is a $10 processing fee associated with each tax payment. This fee is paid directly from your Catch Tax Plan.
What information is needed to send a payment?
For your tax payment, we will use your legal name, SSN, and date of birth on record with Catch from when you opened your account. We’ll have you confirm that we have your current address and tax filing status. If you are filing jointly, we will need to you provide your spouse’s SSN. And, importantly, you’ll need to let us know the payment amount. You are responsible for calculating the exact amount you owe the IRS.
How is the payment made?
Catch uses an IRS authorized payment intermediary to process the tax payment on your behalf.
How long does it take?
Catch will process your payment within 2 business days. The date that Catch processes the payment is when the IRS will consider the payment received. You should be sure to submit payments at least 2 business days before they are due. It may take an additional 5-7 days for the IRS to post the payment to your account.
Will I get a confirmation it was received?
When you initiate the tax payment, the Catch app will show a pending status for the transaction. Once Catch has processed the payment, the status will change to completed. This will be done within 2 business days of when you initiate the payment. Catch does not have access to your IRS records. To verify the payment was received by the IRS and posted to your account, you can review your IRS transcript.
What else do I need to keep in mind?
- Making a tax payment through Catch does not mean you have filed your taxes. You must still file your taxes separately. Even if you make estimated tax payments, you may still owe taxes when filing your return at the end of the year.
- Don't forget about state tax. If you owe taxes to any state, you'll need to pay them outside of Catch. Be sure to check your state's website for how to make a state tax payment.
- Make sure you pay the full amount. If the payment you sent through Catch is less than the total amount you owe, you are responsible for making a separate payment for the remainder.