The IRS recently announced a new tax payment option for those that don't have a bank account or credit card – bring wads of cash to your local 7-11!
- It's a convenient option for those that cannot pay their taxes using direct debit, check or credit card.
- If you want to pay cash but don't live near a Taxpayer Assistance Center, a 7-11 may be a better option (and the IRS stresses that there are "locations in 34 states, and most are open 24 hours a day, 7 days a week!")
- The fee is $3.99 per payment; if you're making a large payment this could be a better percentage fee than a credit card.
- If you're close to the deadline for payment this may not be the best option. The payment is a 3-step process (and the IRS isn't the fastest moving organization) so it can take some time. It will take 2-3 business days for the IRS to verify your information, and another 2 business days for the payment to post to your account. If your payment does not post in time you may be subject to interest and penalties.
- If you have an issue with any part of the process, you need to contact the PayNearMe Customer Service. The history of the IRS working with third-party vendors is not a great one – they've already failed twice.
- Safety. You'll be bringing large amounts of cash to your local 7-11.
If you want to take advantage of this payment option
- Go to the IRS.gov payments page
- Select the "Cash" option in the "Other ways you can pay" section
- Follow the prompts
- You will receive an email from OfficialPayments.com confirming your information
- The IRS will verify your information
- You will receive an email from PayNearMe with a link to the payment code and instructions
- Print out the payment code, or send it to your smart phone
- Bring your payment code and cash payment to your local 7-11
- They will give you a receipt and the payment will post to your account within 2 business days
- There is a $1,000 payment limit per day, and a $3.99 fee per payment
And if you do choose to go – maybe click here first.