Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
prncswllw
New Member

Made arrangements to start payments NEXT month, problem is the date for THIS month hasn't come yet. will the payment come out this month? the phone hung up on me

 
1 Best answer

Accepted Solutions
AmyT
New Member

Made arrangements to start payments NEXT month, problem is the date for THIS month hasn't come yet. will the payment come out this month? the phone hung up on me

It can take the IRS up to three months to process an installment agreement application.   You will receive a letter from the IRS once your payment plan has been accepted, and automatic payments will begin then.

While you are not required to do so, it is a very good idea to begin sending payments before you receive the letter.  If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied.  It would also be a good idea to include a short note indicating that you are making a payment toward your 2016 (or applicable year's) balance.

Note:  You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 18, 2017, to reduce the amount of interest and penalties that will be applied to your account.  You will be assessed an underpayment penalty for any amount of unpaid tax, which will be assessed based on the balance due as of April 18.  Additionally, the IRS will begin to assess interest on the unpaid balance then.

View solution in original post

1 Reply
AmyT
New Member

Made arrangements to start payments NEXT month, problem is the date for THIS month hasn't come yet. will the payment come out this month? the phone hung up on me

It can take the IRS up to three months to process an installment agreement application.   You will receive a letter from the IRS once your payment plan has been accepted, and automatic payments will begin then.

While you are not required to do so, it is a very good idea to begin sending payments before you receive the letter.  If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied.  It would also be a good idea to include a short note indicating that you are making a payment toward your 2016 (or applicable year's) balance.

Note:  You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 18, 2017, to reduce the amount of interest and penalties that will be applied to your account.  You will be assessed an underpayment penalty for any amount of unpaid tax, which will be assessed based on the balance due as of April 18.  Additionally, the IRS will begin to assess interest on the unpaid balance then.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v