if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it?

Question

If I should happen to owe an estimated tax penalty at the end of the year, would I be able to make payments, or does the IRS require the entire payment up front, by a due date? What happens a person does not have the entire amount to pay immediately for an estimated tax penalty? Surely this lovely country won't throw a person in jail because they can't shell out an extra 200 or 300 dollars.

Just curious.

Answer 1

Sure, just send a note with your return saying what you can pay and when you can pay each month. Sign it and all will be fine.
There is a form provided but not sure where you could get it.

Answer 2

yes the IRS is nice enough to allow tax payers to pay in installments. However your penalties will still have to be payed over the installments and they will charge interest. Also they raised the fees this year, but if you choose to have direct payment from your checking account it will save you a couple of bucks from fees.

Answer 3

Yes, you can make time payments on you taxes due. Just call the IRS and they will tell you what to do to arrange payments.

Answer 4

If you owe them less than 20,000, you can generally submit a payment plan. They are frequently approved. I have done this, myself.

For amounts over 20,000, it's a little trickier.

If you only owe a few hundred bucks, suggest a payment plan and stick with it.

Answer 5

Yes you can make payments. Ask your tax preparer if you should happen to owe, what you can do get the tax paid.

Answer 6

You can call the IRS and they will work with you and set up a payment plan you can handle.

Answer 7

We made payments. Pretyy much they will work with anybody if you are civil and responsible in contacting them. No worries!