Made $98k tax payment but hit Go2 bank's $50k limit and now payment was returned

Do they charge any fees for making multiple payments? I had to split a payment once (much smaller than this though) and wondered if there was some penalty for multiple transactions.

Wouldn't it be better to just switch banks altogether? Go2 seems really sketchy with their hidden limits. I use Chase and they've never pulled anything like this with me.

The IRS doesn't charge any fees for making multiple electronic payments through their system. Whether you make one payment or ten smaller ones, there's no additional cost from the IRS side. While switching banks might be a good long-term solution, it probably isn't practical for the immediate problem if the deadline is only days away. Opening a new account and getting it verified for large transactions usually takes time. But I agree that reconsidering your banking relationship makes sense after this urgent matter is resolved.

How long did their analysis take? I'm in a similar panic situation with my business taxes and need answers like yesterday.

Sounds interesting but how did they handle the actual payment issue? Did they just tell you to split payments or was there some other solution?

Their analysis only took about 10 minutes for my situation. The system reviews your documents and provides recommendations almost immediately. For more complex situations they have tax professionals who can give additional guidance. For the actual payment issue, they recommended splitting payments to stay under the limit, but more importantly, they provided documentation showing I had attempted to make timely payment and that the return was due to bank limitations, not my error. This documentation is what protected me from penalties when I had to resubmit payment.

Wait, so this service gets you through the IRS phone queue? How does that even work? I spent 3 hours on hold last week and eventually gave up.

I'm skeptical. The IRS phone system is notoriously terrible. How much does this service cost? Sounds like just another way to make money off people who are already stressed about taxes.

Yes, they navigate the IRS phone system for you and call you back when they have an agent on the line. It's like having someone wait on hold for you. I'm not sure exactly how their technology works, but I just followed the instructions on their site. They have a simple fee structure based on the service, but honestly, it was worth every penny for me. I had already wasted hours trying to get through myself, and the peace of mind from talking directly to an IRS agent who could confirm my approach was correct was invaluable. This wasn't just about convenience - I needed official confirmation about handling my returned payment properly.

Thanks for this advice. I just went through all my account opening paperwork and there's only a vague mention of "transaction limits may apply" with no specific amounts listed. I'll definitely keep copies of everything to show I tried to pay on time. Would you recommend I request something in writing from Go2 bank acknowledging their limit caused the return?

Absolutely get something in writing from Go2 Bank. Request an official letter or email that specifically states their $50k limit was the reason for the payment return, and include the date of your original payment attempt. Ask them to confirm that this limit was not specifically disclosed to you at account opening. This documentation will be extremely valuable if you need to request penalty abatement from the IRS. The IRS may grant relief if you can prove that you made a good faith effort to pay on time and that the failure was due to circumstances beyond your control.

YES! I had a similar experience with withdrawals! They limited me to $3k per day without warning when I needed to pay for emergency home repairs. When I called customer service, they said I should have read the "digital disclosures" that apparently I agreed to. Never again.

This is really concerning to hear. I've only had the account for about 6 months and haven't tried to make any large transactions until this tax payment. Now I'm definitely reconsidering keeping my money there. Thanks for sharing your experiences.

Does Form 4868 help if you've already calculated your taxes and know the exact amount? I thought that was just for extending the filing deadline, not the payment deadline?

You're exactly right - Form 4868 only extends the filing deadline, not the payment deadline. You still need to pay your estimated tax by the original due date to avoid penalties and interest. However, filing the extension can still be useful in this situation because it gives you more time to sort out the payment issues and properly file your return without the additional pressure of the filing deadline. If there are any complications with the split payments or processing time, at least you won't have the added stress of rushing to complete your return at the same time.