Form 1040 V is a payment slip. You send it with your tax payment if you owe the IRS. It helps make sure your payment goes to the proper account.
If you owe the IRS money but anticipate receiving a refund, use 1040V to submit a cheque or money order. You don’t need this form if you submit it and pay online. However, the form should be used by anyone making a check or money order payment. You must submit it by April 15th.
Below are the parties involved in the IRS 1040 V process:
A standard form 1040V contains several critical sections:
Taxpayer Information. Your contact details.
Social Security Number. Written to link your payment to your IRS account.
Tax Year. The year for which the taxes are being paid.
Payment Amount. The exact amount you are sending.
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