Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 10:57:36 PM

I currently have an installment plan with the IRS. Did you have to send another one? And, do I have to sent in 1040V if $1,000. is being deducted from my acct.?

0 1 262
1 Best answer
Intuit Alumni
Jun 4, 2019 10:57:38 PM

If you already have an installment plan for 2016, you don't have to send in the voucher or an additional payment. The IRS as agreed to this plan, so they will happily take your money as scheduled and charge you interest on the unpaid balance.

The interest rate is currently 3%. It gets recalculated every three months, based upon the federal lending rate plus 3%.

1 Replies
Intuit Alumni
Jun 4, 2019 10:57:38 PM

If you already have an installment plan for 2016, you don't have to send in the voucher or an additional payment. The IRS as agreed to this plan, so they will happily take your money as scheduled and charge you interest on the unpaid balance.

The interest rate is currently 3%. It gets recalculated every three months, based upon the federal lending rate plus 3%.