Paying Tax Dues in monthly installments

B

Boult

Active Member
Joined
Apr 20, 2003
Messages
4,424
Reaction score
0
What if a person can't pay Tax Due in full by the due date and may have to pay it in monthly installments but Tax software like TurboTax says IRS may charge fee or interests.

So I am curious what kind of fee or interest IRS will tack on the total amount after it is paid.

Has any one of you gone thru this last year?
 
Am experiencing it now, I'm paying half of my taxes then will pay another half when my next paycheck comes. I know I will pay penalties but it's better than getting visits from uncle Sam in the mails...
 
So you don't know what the penalty fee are. Did it happen to you last year as well?

I agree better than nothing but I am curious what the fees are so I can be prepared.

Got any idea where I can look up the penalty fee or interests if file to pay in monthly installments?
 
Boult said:
So you don't know what the penalty fee are. Did it happen to you last year as well?

I agree better than nothing but I am curious what the fees are so I can be prepared.

Got any idea where I can look up the penalty fee or interests if file to pay in monthly installments?
Click to expand...
my guess are the IRS website at Internal Revenue Service OR you could find the 800 number and ask about it... I was told that if I CANNOT pay at all then I could request for extension etc, it's all depend on your situation, but I could pay half then another half. They will collect what you pay then they send out notice to people I guess sometime in May who dont pay or what's the remaining with additional penalties. But I will be mailing my 2nd payment end of this week or next week. But yes I will get mail from them about additional penalities, I strongly believes it's small percent of what you owe like 8 percent? Not sure but I was told it tend to be under 30 bucks so it's all depend...
 
hmm... I went ahead and curious in TurboTax and see if reveal amount of fee etc..
it turns out that it says If It's approved then will be billed a $43 fee and still be charged for interest and late payment penalties on any tax not paid by April 17th

bleh eh
 
So that means will have to wait for IRS to send a approval and if approved then they will bill that fee then monthly installments begin. it also said if filed the return before march 31 then the wait lenght will be 30 days or less but if after then it will be longer wait.
 
I would want to pay by e-file but wont let me pay in half so i will pay in mail
 
I used my credit card to pay off the amount I owe to IRS. Bec my cc has zero apr for 12 months , better than paying interest ( i think they charge around 10 t0 12 , not sure thou')
 
We've been putting checks to IRS in the mail monthly for many years. :(
 
Back
Top