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gund2510
New Member

What do I do if I owe income tax but don't have the money to pay it right now?

Can I request a payment plan through turbotax?
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What do I do if I owe income tax but don't have the money to pay it right now?

You can setup a payment plan when you go through the interview to file your taxes.  Or, you can apply for a payment plan on the IRS website.  On a payment plan, you will still incur penalty and interest until the full amount of taxes due are paid.

 

Avoid a penalty by filing and paying your tax by the due date, even if you can’t pay what you owe.

 

For individuals and businesses: Apply online for a payment plan (including installment agreement) to pay off your balance over time. Fees apply.

 

For more information on payment plans including streamlined, in-business trust fund express, guaranteed, and partial payment installment agreements refer to Tax Topic No. 202-Tax Payment Options.

Apply for a Payment Plan

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2 Replies

What do I do if I owe income tax but don't have the money to pay it right now?

You can setup a payment plan when you go through the interview to file your taxes.  Or, you can apply for a payment plan on the IRS website.  On a payment plan, you will still incur penalty and interest until the full amount of taxes due are paid.

 

Avoid a penalty by filing and paying your tax by the due date, even if you can’t pay what you owe.

 

For individuals and businesses: Apply online for a payment plan (including installment agreement) to pay off your balance over time. Fees apply.

 

For more information on payment plans including streamlined, in-business trust fund express, guaranteed, and partial payment installment agreements refer to Tax Topic No. 202-Tax Payment Options.

Apply for a Payment Plan

catgust
New Member

What do I do if I owe income tax but don't have the money to pay it right now?

Under payment methods there are options for installment payments, etc.

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