If I owe the IRS 14k dollars. (l was a 1099 contractor and lost my job. No unemployment had to live off savings)
How long will they give me to pay it off? Can I pay it off in 3 years if that is all I can afford?
Thank you.
2007-12-12 17:52:16 · 6 answers · asked by chris 2 in Business & Finance ➔ Taxes ➔ United States
Is it true they would write off 14k. It was a crazy situation that went down why I had to leave a war zone. Life/death sort of thing. But would the IRS really not make me pay the whole thing?
2007-12-12 18:31:56 · update #1
contact IRS at the phone number listed on your letter from IRS. Usually IRS granted installment agreements and will give you up to 5 years to pay if you are make a good payment offer. Remember interest and penalities are still accruing while you are on an installment agreement. An agreement for 36 months comes out to almost $400.00 per month.
Or visit IRS website download form 433-F(COLLECTION INFORMATION STATEMENT) and complete all information on the form. and it will give IRS an idea of how much you can afford to pay.
IRS will work with you, please call ASAP don't wait any longer, if you ignore the IRS then they will not accept your offer for an installment and they can and will demand full payment, garnish wages, levy etc.
2007-12-13 14:41:20 · answer #1 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
If you can "pay it off in 3 years" for the amount that you owe, yes the IRS would happily set up a payment arrangement.
You can apply for it yourself at the IRS website or you can call have someone input it while you are on the phone.
2007-12-13 02:08:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Contact local IRS, and make an appointment see an IRS agent describe circumstance and tell him/her you can't pay period. They'll gladly to write it off for you, 14k consider less than a penny compare to other whom own couple millions dollars and get away from paying it.
2007-12-13 02:12:10 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Hi, there is a great free comprehensive guide to the IRS collection process that may help you: http://hub.am/1ixl5tE Hopefully this will help you out. Good luck with everything!
2014-02-06 14:14:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your best bet would be to call the IRS and make payment arrangements. They will make payment arrangements, but remember, penalty and interest will accrue on the unpaid balance.
2007-12-13 02:02:52 · answer #5 · answered by Mark S 5 · 0⤊ 0⤋
if i were you i would find out but i think they only give a few days or months (not years)
2007-12-13 02:01:30 · answer #6 · answered by mags 3 · 0⤊ 2⤋