If you find yourself unable to make the minimum monthly installment payment, you can negotiate a monthly payment amount that fits your budget by completing Form 433-F and working with the IRS employee assigned to your case. However, you’ll need to show that your financial situation justifies a payment below the typical IRS standards.
Installment Agreement Requests
The IRS prefers taxpayers to pay a certain amount towards their tax debt each month. The minimum payment amount is generally calculated by diving your balance by 72.
If you can afford to pay this amount, you may qualify for a streamlined installment agreement request, and you may not have to complete a Collection Information Statement.
If you can’t pay this much each month, you can still get an IRS installment agreement. By completing the Collection Information Statement, you can show the IRS why you’ll need a lower monthly payment amount to keep up with your other expenses.
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