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farrah62
New Member

I have not owed taxes while using turbo tax before. I owe Federal this year. But the amount exceeds what I can pay right now. What do I need to do?

 
2 Replies
ColeenD3
Expert Alumni

I have not owed taxes while using turbo tax before. I owe Federal this year. But the amount exceeds what I can pay right now. What do I need to do?

The best thing you can do is pay it before  this year. If you can't you can fill out Form 9465 Installment Agreement Request. You will be liable for penalties and interest.

Understand your agreement & avoid default

  • Your future refunds will be applied to your tax debt until it is paid in full;
  • Pay at least your minimum monthly payment when it's due;
  • Include your name, address, SSN, daytime phone number, tax year and return type on your payment;
  • File all required tax returns on time & pay all taxes in-full and on time (contact us to change your existing agreement if you cannot);
  • Make all scheduled payments even if we apply your refund to your account balance; and
  • Ensure your statement is sent to the correct address

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Mike9241
Level 15

I have not owed taxes while using turbo tax before. I owe Federal this year. But the amount exceeds what I can pay right now. What do I need to do?

first, check every item on the return to make sure that you made no entry errors that artificially increased the taxes you owe.  

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