Have you already completed your tax return just to realize that the refund you were expecting was indeed a tax bill? If this ever happens and you are not able to pay the tax in full, you should consider asking for a payment in instalments so that you can pay monthly taxes. Hello, I`m Jill from TurboTax with some information about paying your income tax bill in monthly installments. As part of the guaranteed acceptance, you must not need more than three years to pay your taxes and you must agree to comply with all tax laws during the term of the contract. This means that even during monthly payments, you need to make sure that you file all future tax returns and pay your taxes on time. If you don`t, the IRS can terminate your instalment payment agreement and request full payment. One last thing you should always remember is that a payment agreement in instalments doesn`t eliminate default interest and penalties — it only prevents the IRS from pursuing stricter collection procedures, such as for example. B the seizure of your wages. Form 9465 is quite short and only requires your personal data, the names and addresses of your bank and employer, the amount of tax you owe, an estimate of the monthly payment you can afford, the day of each month you prefer your payment and the amount of each payment you want to send with the form. Is your tax bill too much for you? You can qualify to pay the IRS in installments. Watch this video to learn more about the 9465 instalment payment agreement. If you are submitting Form 9465 separately from your return, refer to the following tables to determine the correct registration address. To claim the instalment payment agreement, you must not be able to pay tax within 120 days of the tax filing deadline or the date you receive an IRS collection notice, and you cannot currently have a instalment payment plan with the IRS.
If you choose to pay your monthly taxes by electronic withdrawal of money, you must also provide your bank account and routing numbers. The IRS guarantees acceptance of your tempered plan application if, in the last five tax years, all of your tax returns have been filed and all taxes have been paid on time and you have not received a instalment payment agreement. . . .