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Streamline Installment Plan Questions
Hey everyone. For the 2024 tax year, my wife and I will end up owing around $35,000 when it comes time to file. We decided to try out the online sweepstakes casino, did very well, paid off personal debt, and forgot all about taxes. So anyway, I plan on setting up a streamlined payment plan with the IRS, and I have just a few questions!
1. Do payment plans get reported to employers, credit agencies, etc.? From what I’ve read, they are not, but I just wanted to double-check.
2. Can liens/levies still be filed? I’ve read that as long as you’re compliant with the payment plan, they cannot be filed for the year the payment plan is set up for but could still be filed for previous years? I’ve always paid my taxes, so I’m not worried about previous years, just the upcoming year.
3. Can I make additional payments at any time? Stupid question, I know, but I figured I’d ask.
4. Other than any future potential refunds being automatically applied to the balance, do payment plans affect future taxes in any other way?
And if you have any other pieces of information or suggestions, please let me know!