Splitting Payments to IRS

[nishantgupta01]

hi,

My question may not be related to any turbotax product. I owe $75000 to IRS for year 2021 due to capital gains from stock sales. Now i am unable to pay the full $75k in 1 shot. I would like to pay around 25k now and then the 50k i would like to pay via the monthly payment plan (let's say 10k every month). Is that possible?  Another question i have is, will i able to pre-pay more than $10k every month if possible, or will i have to stick to the agreed amount of $10k ?

Thanks

[ee-ea]

See this

https://www.irs.gov/payments/online-payment-agreement-application

[PattiF · Accepted solution]

Yes, you can pay $25k now and set up payments monthly. You can pay more than the agreed-upon amount to pay your tax bill more quickly. 

Here is a link with information on how to set up an IRS installment plan.