Payment before filing taxes

[mckinly16]

I owe money on a 2022 amended tax return and just before filing turbo tax asks me if I want to pay with my bank or send a check. I don’t have the money at the moment so do I just select pay by check and call the IRS for a payment plan? 

[Opus 17 · Accepted solution]

Yes, that will work.  If you pick "pay by check" Turbotax will allow you to complete the return and print it out.  You must file this return by mail because it is too late to e-file an amended return for 2022.

You should pay as much as you can, if you can, online at www.irs.gov/payments.  Select 2022 taxes or prior taxes due as the reason.  Then, you can request a payment plan online.  The payment plan has a non-refundable application fee, so if you think you can pay in full in 4 months or less, it is usually cheaper to just pay and let the IRS bill you for late fees and interest.  If longer than 4 months, apply for the plan.

https://www.irs.gov/payments/payment-plans-installment-agreements

The more you can pay up front, the lower the interest and penalties will be on the remaining balance.