FTB: Accidentally paid business estimated taxes instead of personal - What to do?

Claimyr is a valid tool to use if you're struggling with hold times when trying to reach the IRS. It automates the wait and can save you a lot of frustration, especially during busy tax periods. However, while it's convenient, it's not a necessity for everyone. Some may prefer the traditional method of dialing in and waiting it out, especially if they're not comfortable with paying for such a service. Additionally, while Claimyr can streamline the call process, it's important to be prepared once you're connected with an IRS agent by having all relevant documents and information ready to ensure a productive conversation.

I'm an accountant, and I see this kind of thing more often than you'd think. Here's what you need to do: 1. Don't panic. This is fixable. 2. Contact the IRS immediately. Be honest about the mistake. 3. File Form 1040-X to amend your personal return. 4. If applicable, file Form 1120-X or 1065-X to amend your business return. 5. Include a written statement explaining the error with both amended returns. 6. Be prepared to pay any additional taxes, interest, or penalties that may result from the correction. 7. Keep detailed records of all communications with the IRS. 8. Consider hiring a tax professional to help you navigate this process. Remember, the IRS deals with these situations regularly. They have procedures in place to handle it. It might take some time to resolve, but it will get sorted out.

Don't panic! This happens more often than you'd think. The IRS has procedures for this kind of thing. You'll need to file a form to request a transfer of the payment from your business account to your personal account. It's called Form 8275 if I remember correctly.

Am I the only one who thinks the whole tax system needs a complete overhaul? It's 2023, for crying out loud. Why isn't this stuff automated yet? 🤔

Ugh, tax season is the worst. I swear they make it complicated on purpose. Good luck, OP! 🍀

This is why I always use a tax professional. Yeah, it costs more, but they catch these kinds of mistakes before they happen. Just my 2 cents 💰

Hey OP, don't beat yourself up too much. We all make mistakes. The important thing is that you caught it and you're taking steps to fix it. You're gonna be okay! ❤️

Have you tried calling the IRS directly? I know it's a pain to get through, but I found a way that actually works. I used this site called claimyr.com - it's a calling tool that dials the phone menu, stays on hold, waits for a live agent to pick up, then sends the call to your phone. It does cost $20, but it works. Here's a video about it: https://youtu.be/XbqD8mexcoQ

I did something similar last year. Here's what I did: 1. Called the IRS to explain the situation 2. Filed an amended return (Form 1040-X) for my personal taxes 3. Filed an amended return for my business taxes 4. Included a written statement explaining the error with both returns 5. Waited... a lot 😅 It took about 4 months to get everything sorted out, but it all worked out in the end. Just be patient and keep good records of all your communications with the IRS.

Oof, that's a tough one. I've never done that exactly, but I did once file my personal taxes using my business EIN instead of my SSN. It was a nightmare to fix. You might want to contact the IRS ASAP to explain the situation.

Thanks everyone for the advice! I'm gonna try calling the IRS tomorrow and see what they say. Wish me luck! 🤞

Been there! I made a similar mistake a few years back and it felt overwhelming at first, but it's definitely fixable. The key is acting quickly and being completely transparent with the IRS about what happened. I'd recommend calling them first thing in the morning - the wait times are usually shorter earlier in the day. When you speak to them, have all your payment confirmation numbers ready and be clear about the mix-up. They'll likely guide you through filing amended returns for both personal and business. It's a hassle, but the IRS deals with these kinds of honest mistakes regularly. You're not the first person to do this and you won't be the last! Keep your chin up - this will get resolved.

Hey @NeonNebula! I just wanted to echo what everyone else has said - you're definitely not alone in this mistake. I work in tax prep and see payment mix-ups like this at least a few times each season. The most important thing is that you caught it relatively quickly. When you call the IRS tomorrow, make sure to have your confirmation numbers for the payment you made, along with both your SSN and business EIN ready. They'll likely walk you through the process step by step. One tip: if you get disconnected or the agent can't help, don't hesitate to call back and try again. Different agents sometimes have different levels of experience with these situations. You've got this! 💪