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unclesam-1
Returning Member

Owed taxes; Installment Payments

Created a draft of our 2023 taxes to get an idea of where we stand. Looks like we are going to owe about $3,500. Seems like my wife never updated her W4 when she got a promotion and thereby a significant raise. 

We’ve never owed this much before. The most we’ve ever owed was around $600 which we paid in one shot. The owed amount for 2023 we can pay in six months or so making monthly installment payments.

 

So I’m looking at setting up installment payments with the IRS. What I am not sure about is how to set it up. Do I E-file my taxes like normal and then setup the installment payments with the IRS? Or is there a way I can tell the TurboTax program that’s what I want to do and it would somehow let the IRS know when I E-file my taxes?

 

Thanks in advance.

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4 Replies

Owed taxes; Installment Payments

unclesam-1
Returning Member

Owed taxes; Installment Payments

Thanks for sharing the link. I had come across that site before though. It doesn't clarify whether I have to set up the installment payment after filing or when I file. This is why I asked on here. I can always call the IRS but figure I would get a faster response here. 

Owed taxes; Installment Payments

Do it after you file so that the IRS can reference your return and tax liability. 

unclesam-1
Returning Member

Owed taxes; Installment Payments

Ok. Great. Thanks again.

 

Planning to E-File by the end of this month/Early March. Want to have everything done in advance of the April 15th deadline so there’s no issues.

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