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How long do I have to pay taxes owed?

Forum|Forum|6 years ago
June 1, 2019
3 replies
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This is the first time I owe any money back to the IRS for taxes. I would like to set up a payment plan but unsure of how much I should make payments since I don't know when the "deadline" for owed taxes is.

TurboTax Deluxe Online

Best answer by TomD8

If you owe $50,000 or less, the IRS will allow an installment agreement for up to 72 months.

If you owe more than $50,000, you must negotiate with the IRS.

If you owe $50,000 or less, you can apply for an installment agreement online here:

https://www.irs.gov/Individuals/Online-Payment-Agreement-Application

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TomD8Answer

If you owe $50,000 or less, the IRS will allow an installment agreement for up to 72 months.

If you owe more than $50,000, you must negotiate with the IRS.

If you owe $50,000 or less, you can apply for an installment agreement online here:

https://www.irs.gov/Individuals/Online-Payment-Agreement-Application

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

R

rod8919Author

Awesome. Thank you so much for the input!

PopeyeTheSalior

It depends on how much you owe the government :

$10,000 or below - three years

$10,000 - $25,000 : 72 months / six years

Above $25,000 : requires additional information for any agreement plan.

Please see attached.

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Is-the-Minimum-Monthly-Payment-fo...

https://www.irs.gov/Individuals/Payment-Plans-Installment-Agreements

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rod8919Author

Perfect! I will go ahead and file with the installment plan. Thank you very much for the information!

C

catbryant1

taxes are due by 4/15/2016 - you can efile with or without a payment and print payment coupons to mail the remainder.

REMEMBER - a payment plan does not stop interest and penalties from accruing - it stops the IRS from levying bank accounts or paychecks to collect the money.

You can set up a payment plan to pay after this date - but it will start accumulating interest on 4/15/16 so pay as much as you can before that. Most programs have a section where you can ask for a payment plan. If not the IRS website offers such a service.