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Adding new taxes to a preexisting installment agreement

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Marcos8
Established Contributor

Adding new taxes to a preexisting installment agreement

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

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Revelate
Moderator Emeritus

Re: Adding new taxes to a preexisting installment agreement


@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.




        
Message 2 of 3
Marcos8
Established Contributor

Re: Adding new taxes to a preexisting installment agreement

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. 

Message 3 of 3
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