I owe a sizable amount in taxes this year. I am expecting a large check in May. Is it better for me to file an Extension and pay then, or file now and pay installments?

brandydwatson · ‎June 4, 2019

KarenJ · ‎June 4, 2019

If you can pay your balance due within 120 days, the IRS says to do not sign up for an installment plan.

You can file now and pay as much as you can now.

Another short term option is to file an extension. This delays your filing up to 6 months until 10/15 or anytime between now and then.

Your tax is still due on 4/15, but the failure-pay-penalty is not that severe.

If you think it will take longer than 6 months, I would say do an installment agreement. Here's some instructions:

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