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installment plan

Does anybody knows how many months max the IRS will give you to pay your taxes if you apply for the installment plan? The amount is over 10,000. 

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1 Best answer

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JulieS
Employee Tax Expert

installment plan

There is not a set number of months for installment agreements. It is based on your income and circumstances. 

 

When you set up an installment plan, you will be asked how much you can pay each month. It is best to go a little low for that amount and then pay extra when you can. 

 

If you are on an installment agreement and it is not paid off by the following tax season, and you owe again, you will need to start a new installment agreement for the total owed from both years. 

 

If the amount due is from low tax withholding or failure to make estimated payments, you should correct those issues, so you don't keep getting further behind. 

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1 Reply
JulieS
Employee Tax Expert

installment plan

There is not a set number of months for installment agreements. It is based on your income and circumstances. 

 

When you set up an installment plan, you will be asked how much you can pay each month. It is best to go a little low for that amount and then pay extra when you can. 

 

If you are on an installment agreement and it is not paid off by the following tax season, and you owe again, you will need to start a new installment agreement for the total owed from both years. 

 

If the amount due is from low tax withholding or failure to make estimated payments, you should correct those issues, so you don't keep getting further behind. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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