IRS Installments: How to Pay Your Debt Off Month by Month!

IRS Installments Quick Set Up Tips

irs installments tipsMost people who owe thousands of dollars in tax debt cannot afford to pay the IRS the entire bill with one check. These taxpayers cannot simply sit and wait until they have the money saved up to pay. Unless you pay your debt or make an agreement with the IRS, they will hit you hard with bank levies and wage garnishments to collect on that debt. The best option for these taxpayers is often to make IRS installments on a monthly basis.

How to Set Up Streamlined IRS Installments

If you owe less than $25,000, setting up IRS installments is not as complicated. The IRS will calculate your monthly IRS installments either by dividing your total debt by 60 months or the number of months left until your debt expires, whichever comes sooner. You will need to fill out a Form 9465 and send in the application fee. For most taxpayers, the fee to set up IRS installments is $105. However, if you opt for direct debit it is $52 or $43 for low income taxpayers. To fill out the Form 9465, you will need the following information on hand:

  • Name and contact information
  • The address used on your last tax return
  • Your bank's contact information
  • Your employer's contact information
  • Your total and up-to-date tax debt
  • Your checking account's direct debit information

How to Set Up Voluntary Disclosure IRS Installments

If you owe more than $25,000, you will have to do more work to set up IRS installments. If you find that you cannot afford the payments the streamlined agreement offers, this is the option you will need to take as well. You have to fill out the Form 9465 and also a Form 433-A. A Form 433-A requires you to fully disclose all of your finances. This includes but isn't limited to wages, investments, and available credit.

Filling out a Form 433-A incorrectly leads to IRS installments that are unaffordable to keep up with on a monthly basis. It also gives the IRS as much information as it needs to levy everything you have, if you default on your IRS installments in any way. It is best to consult with a tax debt professional instead of attempting to do this on your own.

Do you need help setting up IRS installments that won't break the bank? Consult a professional. Call now or fill out the form below for a free tax debt consultation for IRS installments that fit in your wallet! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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