Tax question: What do I do if I am on a current payment plan with the IRS for 50.00 a month and I owe again this year?
- 6 months ago
You are screwed because you did not live up to your obligation. Part of te payment plan agreement is that you not we in subsequent years.
- babyboomer1001Lv 76 months ago
Get another job and work your *ss off until the debts are paid. The IRS penalties and interest are very high. If you can't pay them off within 5 -6 months, reduce your expenses, cut out all luxuries and get another job. You don't want to be a year or more paying them. ...Too much in interest and penalties.
- JudyLv 76 months ago
Apply for another payment plan and hope for the best. Owing again invalidated your other plan and made the balance payable immediately. Also, adjust your withholding or make estimated payments so this doesn't continue to happen.
- Casey YLv 76 months ago
Why are you so far off every year? If self employed, you simply aren't making the proper pre-payments. If employed, you have too many deductions...
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- EvaLv 76 months ago
You have to call them before you file your return and ask to have it added to your current payment plan. If you don't, they will cancel your plan and you'll have to start the process all over again and they'll charge you the set up fee again. Your other option when you call is to ask for a short term extension to pay your current balance. If you can pay it within 120 days, you won't need to add it to your payment plan. Whatever you choose to do, make sure to call them.
- ErikLv 76 months ago
You get a second payment plan. Don't worry, it's no big deal. Although, as I'm sure you already know, you will have to pay another fee, just to get a payment plan. That's why you're better off paying it all when it's due. Last year my taxes were more than they've ever been before. Luckily work in March was also excellent, and I had the money. So from now on I'm just going to start saving on the first of the year.
- Max HooplaLv 76 months ago
Change your W-4 to prevent it from happening again and then request a change to your current agreement. Don't try it a third time.
- NALv 76 months ago
You wish you had paid attention. Owing again will default your payment plan.
- 6 months ago
What you need to do is talk to your employer and change your withholding on your W-4. Either take away some of your dependents or add an additional amount for them to withhold each check.
Also, start saving your money and get ready to pay them what you owe for the year. You have 14 or 15 weeks to get it right.
- Anonymous6 months ago
Need to change your withholding I would say.