I've e-filed my federal taxes and requested an installment plan (form 9465), but have not yet mailed in my first payment voucher (form 1040-V).
The IRS recommends that taxpayers able to pay off their owed amount in 120 days or less create an online account with the IRS and apply for an installment plan there.
A few questions:
- Is it too late for me to use the IRS website to manage my monthly payments? Or will my owed amount and installment plan details eventually be posted and managed there?
- Am I able to adjust my monthly payment date/amount?
- Does the IRS only bill what I owe (ex. if I owe $3,500 and pay in $1,000 monthly installments, will they bill $1,000 three times then $500 for the final time?)
- Similar to the previous question, does the IRS automatically add on interest/fees/penalties until all is paid off?
