Does the IRS accept payment plans or do I have o pull that much out of my @$$ in 2 months?
2007-01-30 08:30:37 · 14 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
When I filled out my paperwork at the HR department (a year and a half ago) I thought that if I claimed 3 that they would take more. Yes, I'm a mathematical and tax moron. I am going to fill out a new form with HR and see what I can do about making payments. If I use H and R Block isn't it just going to end up costing me more?
2007-01-30 14:03:02 · update #1
Call the Internal Revenue Service, they give you the choice of a extention of time to pay,(no more than 120 days) or a monthly agreement, there is a fee of $105.00 to set up a monthly agreement (this went up as of 01/01/07) plus you will be charged interest and penalties until the account is paid in full. If you miss a payment the re-instatement fee is 45.00.
Call 1-800-829-1040
Make sure to correct your W4 with your payroll dept as soon as possible to avoid this problem in the future
2007-01-30 08:50:17 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Do you mean you claimed 2/3 exemptions on your W-4 and now you owe $1700?
If so, it meant that you didn't have enough withheld to cover your taxes. If this is the case, you should go to your HR Dept. and fill out a new W-4 and claim 0, to have the maximum tax taken out of your paycheck.
If you made a mistake on the actual tax return, all you have to do is file a 1040X (amended) with the IRS.
RE: La_Gringa,
You might be eligible for free e-filing. Go to www.irs.gov and click on "2007 Free File". H & R Block participates in the Free File Service. I've used them the last 3 yrs. State will cost extra, but you can probably go to your state's Dept. of Revenue and file it for free. That's what I do.
2007-01-30 17:47:07 · answer #2 · answered by Celeste 6 · 0⤊ 1⤋
I'm in the same boat. My husband was claiming 2 I was claiming 1. :-(
We owe also.
The IRS does accept payment plans but you will have to pay interest.
Good Luck!
2007-01-30 16:33:26 · answer #3 · answered by Nichole D 2 · 0⤊ 1⤋
Once you are late they wil accept a payment plan, however you will be paying interest. You can apply for an extension to give some time extension.
2007-01-30 16:36:12 · answer #4 · answered by ricgrif 3 · 0⤊ 1⤋
When did you do this? If it was just today or within the last couple of days, file an amended return. You will no doubt have to pay taxes, but that's better than having them come down on you for filing a fradulent return.
2007-01-30 16:33:49 · answer #5 · answered by Anonymous · 1⤊ 1⤋
The IRS does accept payment plans, but on their own terms. And it accrues interest the entire time.
I suggest you pull as much money out of your @$$ in two months as you can.
2007-01-30 16:33:47 · answer #6 · answered by AmyRoseHedge 1 · 3⤊ 2⤋
You can make payments, just deal with them. They are cool with that. You should put the same deduction on your W-4, and w-2. don't try to cheat.
2007-01-30 16:34:28 · answer #7 · answered by Skuya!!! 4 · 1⤊ 1⤋
They do have payment plans and the interest rate they charge is about the best rate you can get anywhere!
2007-01-30 16:33:39 · answer #8 · answered by Bunger 2 · 1⤊ 1⤋
Yes they take payments..I did that last year BOY I learned my lesson
2007-01-30 16:34:59 · answer #9 · answered by Anonymous · 1⤊ 1⤋
They have payment plans. Believe me, I know.
2007-01-30 16:32:34 · answer #10 · answered by Anonymous · 2⤊ 2⤋