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Level 3
August 12, 2021
Question

What form does a self-employed individual use , no employees, the pay the first half of the section 2032 deferral that's due on 12/31/21?

  • August 12, 2021
  • 4 replies
  • 2 views
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4 replies

Just-Lisa-Now-
Intuit Community Champion
August 13, 2021

I thought I read that IRS will be sending statements out for this, I would guess a payment voucher would be included.   

I dont see an option for the SE deferred taxes showing on IRS Direct Pay yet, but I would think at some point it would appear there as well.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
andy595Author
Level 3
August 13, 2021

Thank you Lisa,

I tried to find an address and voucher form yesterday with zero luck. My client insists on mailing in a check so I need both. Please keep us informed, he was one of the returns that had an "automatic section 2032 deferral  " on Proseries that I missed in the review , small amount but he just received a IRS letter explaining the 12/31/21 and 12/31/22 payments due.

Thanks again,

Andy

Just-Lisa-Now-
Intuit Community Champion
August 13, 2021
I would definitely have them wait for a payment voucher for this, dont send it in with a regular 1040V, it wont get applied properly. Keep the $$ stashed away until that arrives. Its not "due" until December, so I would think theyd see something 4-6 weeks before its due.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 12
August 13, 2021

Maybe when the client receives the IRS statement / payment voucher consider having the client pay the entire amount since you said it was small and then you will be done with it... Just my opinion

Level 6
August 13, 2021

I chose to do the deferral on my own return and received the IRS letter last night. The reply voucher was in the letter. Payment goes to Ogden UT 84201-0059.

Letter number is LTR3064C with a barcode for my SS# and a notation of "BODCD-NOBOD"   (I have not determined what that notation means.)  The reply voucher does NOT have any dollar amount even though the letter mentioned once the amount that I deferred and that it was due half at 12-31-21 and half at 12-31-22 as well as saying that I could choose otherwise.

This letter does not mention paying thru EFTPS even though the IRS press release 2021-96  (July 6, 2021) suggested EFTPS and other methods.

andy595Author
Level 3
August 13, 2021

Thank you sooooooo much , exactly what  I was looking for !!!!!!

qbteachmt
Level 15
August 14, 2021

For reference (since it turns out people don't click the links when we provide them): The link provide by George has the info for using 1040V, using Direct Pay and using EFTPS.

"and a notation of "BODCD-NOBOD" (I have not determined what that notation means.)"

BODC: NOBOD no business operating division assignment.

identify the business operating division (BOD) of the taxpayer based upon the BOD identifier on IDRS.

  1. LM - Large Business and International

  2. SB - Small Business/Self Employed

  3. TE - Tax Exempt/Government Liaison

  4. WI - Wage & Investment

I work with TE quite often.

 

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