HELP??!! Tax forms!!?
Okay, trying to make this short because I am running out of time. My 2012 income is kind of all over the place and I'm not sure I will be able to accurately file by the end of the day. So I was going to file for an extension with form 4868. However, that does not give me an extension to pay. I currently cannot afford the amount I owe (it's not incredibly huge, I won't get audited over it, but a good chunk of money that I just don't have) so I was thinking about filing form 9465 for an installment plan. Can I file these two forms together? And if I can't, should I file partially correct today and send in my 9465 with that?
Thanks in advance, I understand you guys aren't accountants, but any help helps... haha
- BobbieLv 78 years agoFavorite Answer
Contact Your Local IRS Office
Taxpayer Assistance Centers
IRS Taxpayer Assistance Centers (TAC) are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance. Taxpayer Assistance Centers are closed for all Federal Holidays. Please be advised that you may be asked to provide valid photo identification and a Taxpayer Identification Number, such as a Social Security Number, to receive services.
Hope that you find the above enclosed information useful. 04/15/2013
- Bostonian In MOLv 78 years ago
You can't set up an installment plan until an exact debt has been established. That can't happen until you file your return. So, no, you won't send the 9465 with the 4868.
File the 4868 and enclose payment for as much as you can afford. Then when you file your return, enclose payment for as much as you can afford. About 30 - 45 days after filing you'll receive a statement from the IRS showing your balance due including any late payment penalties and interest to date. If you pay that by the due date on the statement, that's the end of the matter.
If you can't swing full payment but believe in good faith that you can pay it off in 120 days, you can call the IRS and request a 120 day extension of time to pay. Unless you are in default on an existing payment plan those are approved as a matter of routine. You will still pay late payment penalties and interest but there is no fee to set up this extension.
If you still cannot pay by the end of the 120 day extension, THEN you will have to set up a formal payment plan. There is a fee of $102 for this but it is cut to $52 if you allow the IRS to draw the payments directly from your bank account. Additionally, the penalty rate is cut in half as long as you make your payments on time.
- troLv 78 years ago
the extension is for time to file, not time to pay
if you are unable to pay with the 4868, filing it will probably not help you at all to avoid any penalties
and no, you cannot get an installment agreement on taxes you have not already filed and determined how much you owe
- figment_usaLv 58 years ago
File the 4868 and pay as much as you can now to limit the additional interest and penalties.