Can I pay my taxes in payments?

Question

I just found out that I owe the IRS $700 this year due to an incorrect exemption number. Thing is, I don't make very much money at all, so paying $700 at once is nearly impossible for me.

My question is, is there any way for me to pay the IRS what I owe, but do it in monthly payments as opposed to all at once?

Any help would be greatly appreciated.

Answer 1

The IRS decides if they will accept payments or not. You will need to fill out Form 9465 requesting installment payments.

The second link below has some good information that you should be aware of when doing installment payments.

Good luck.

Answer 2

Yes you can you ave to call the irs and setup a pament plan. The trick is if you think you can pay $50 per month say you can only afford to pay $30 because when you setup a payment plan with the irs you have to make the payments on time. So this way it gives yourself a little room for error in the amount you have to come up with. Also remeber that with the payment plan you have to pay interest which can be alot. The best thing to do is to ask what the interest rate is and see if you can get a better one with a loan from the bank or something. The interest with the irs can be higher than normal.

Answer 3

Yes, but you'll need to set up a payment plan before April 15, 2007 to avoid any penalties, but you'll still pay interest. If you can afford to pay it now you can avoid interest charges. Call 1-800-829-1040 to speak with someone at the IRS to begin the process.

Answer 4

Yes, they'll set up a payment plan, with interest.

Answer 5

Yes, you can. I have done this in the past and believe it or not the I.R.S. was very understanding. Go to their web site httb://irs.gov and you can print out the forms you need.

Answer 6

yes