Phone Number To Set Up Payment Plan With Irs
Dealing with tax debt can be stressful, but the Internal Revenue Service (IRS) offers several options for taxpayers who are unable to pay their full tax liability all at once. One option is to set up a payment plan with the IRS. This article will provide a comprehensive guide on how to set up a payment plan with the IRS and the phone number you can use to do so.
What is a Payment Plan?
A payment plan, also known as an installment agreement, is an agreement between a taxpayer and the IRS to pay their tax debt over time instead of all at once. The payment plan allows the taxpayer to pay their tax debt in smaller, more manageable amounts.
How to Set Up a Payment Plan
The IRS offers several options for setting up a payment plan:
- Online: Taxpayers can apply for a payment plan online using the IRS website. To apply online, go to the IRS website and click on "Apply for an Online Payment Agreement."
- Phone: Taxpayers can call the IRS and set up a payment plan over the phone. The phone number to call is 1-800-829-1040.
- Mail: Taxpayers can also apply for a payment plan by mail. To apply by mail, complete Form 9465, Installment Agreement Request, and mail it to the address on the form.
Information Needed to Set Up a Payment Plan
Before setting up a payment plan, taxpayers will need to gather certain information:
- Social Security number or Individual Taxpayer Identification Number (ITIN)
- Filing status and the amount of their tax debt
- Bank account information if they choose to make payments by direct debit
- Employer information and income if they are self-employed
- Monthly income and expenses
Types of Payment Plans
The IRS offers several types of payment plans to taxpayers:
- Guaranteed Installment Agreement: Taxpayers who owe $10,000 or less in tax debt and meet other criteria can apply for a guaranteed installment agreement. This type of agreement guarantees that the IRS will accept the payment plan as long as the taxpayer meets the terms of the agreement.
- Streamlined Installment Agreement: Taxpayers who owe up to $50,000 in tax debt and can pay their debt within 72 months can apply for a streamlined installment agreement. Taxpayers must agree to make automatic payments through direct debit or payroll deduction.
- Partial Payment Installment Agreement: Taxpayers who cannot afford to pay their full tax debt but can make payments over time can apply for a partial payment installment agreement. This type of agreement allows taxpayers to pay a portion of their tax debt over time and have the remaining balance forgiven.
- Offer in Compromise: Taxpayers who cannot afford to pay their full tax debt and do not qualify for a payment plan may be able to settle their debt for less than what they owe through an offer in compromise.
Conclusion
If you are unable to pay your full tax debt, setting up a payment plan with the IRS can provide relief. There are several types of payment plans available, and taxpayers can apply online, by phone, or by mail. Before setting up a payment plan, taxpayers should gather the necessary information and consider which type of payment plan is best for their situation. For further assistance, taxpayers can call the IRS at 1-800-829-1040.