The "1040v payment voucher" is to mail an initial payment while I wait for my installment plan request status, correct?
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The "1040v payment voucher" is to mail an initial payment while I wait for my installment plan request status, correct?

 
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New Member

The "1040v payment voucher" is to mail an initial payment while I wait for my installment plan request status, correct?

You will receive a letter from the IRS once your payment plan has been accepted, and your automatic debits will begin after that.  Please note that this can take up to three months to process, and penalties and interest on the unpaid balance will accrue during this time. 

While you are not required to do so, you are able to begin sending payments before you receive the letter (in addition to your initial payment).  If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied.  It would also be a good idea to include a short note indicating that you are making a payment toward your 2018 (or applicable year's) balance.

Note:  You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 15, 2018, to reduce the amount of interest and penalties that will be applied to your account.  You will be assessed an underpayment penalty for any amount of unpaid tax, which will be assessed based on the balance due as of April 15.  Additionally, the IRS will begin to assess interest on the unpaid balance then.

[Edited 4/10/19 | 10:05am]


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The "1040v payment voucher" is to mail an initial payment while I wait for my installment plan request status, correct?

Please see updated answer.
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