No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello all! Quick question regarding taxes. I am currently on an installment plan with the IRS for 2013 taxes. I have a balance of around 7k remaining. Today I received a notice from the IRS that on my 2014 return I understated my income. They provided me with the info and they are showing that I received additional income of 6 k that wasn't reported. I wasn't sent a 1099 for something and forgot to report it. They are asking for an additional 2300 paid by the end of this month. I am interested in adding this 2300 to my remaining installment balance and just continuing to pay my same monthly installments as I usually do. What is the easiest way to do this?
I downloaded the Installment Agreement pdf but it says if I already have an installment agreement to call. I call and can't get through to anyone and no voice prompts seem to describe what I need. They have an online application for an installment agreement but since I already have one i still need to call right? Just checking to see if anyone has had to do this and what they did to get it done. Thanks a lot
@Marcos8 wrote:Hello all! Quick question regarding taxes. I am currently on an installment plan with the IRS for 2013 taxes. I have a balance of around 7k remaining. Today I received a notice from the IRS that on my 2014 return I understated my income. They provided me with the info and they are showing that I received additional income of 6 k that wasn't reported. I wasn't sent a 1099 for something and forgot to report it. They are asking for an additional 2300 paid by the end of this month. I am interested in adding this 2300 to my remaining installment balance and just continuing to pay my same monthly installments as I usually do. What is the easiest way to do this?
I downloaded the Installment Agreement pdf but it says if I already have an installment agreement to call. I call and can't get through to anyone and no voice prompts seem to describe what I need. They have an online application for an installment agreement but since I already have one i still need to call right? Just checking to see if anyone has had to do this and what they did to get it done. Thanks a lot
You'd have to get it modified and talk to a human to do it. I never had to do that with any of my IRS dealings but I heard from someone I used to work with that he'd had to do that at one point.
You've been a member of the forum for a while so I assume you've been working your credit; obtaining 2K and change isn't that hard to finance typically depending on your credit file and that might be easier than dealing with the IRS over the issue.
Thanks for the reply. I have the money to pay it. But this past year my wife and I started a small LLC that we are trying to get on its feet. It hasn't generated any profit yet and will show a loss for the year. That loss will transfer to our personal return which will reduce my current installment amount. I wanted this new debt to be lumped in to that since it will be significantly reduced.
I will ill call again this morning and see if I can get someone on the phone.