How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask MequonCPA Your Own Question
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
5142404
Type Your Tax Question Here...
MequonCPA is online now
A new question is answered every 9 seconds

I took $181,000 in Early distribution from my IRA. Combined

Resolved Question:

I took $181,000 in Early distribution from my IRA. Combined with a regular income of $150,000+, I've left myself with a $58,000 tax debt. Is there a payment plan available? Over more than 1 year?
Submitted: 8 years ago.
Category: Tax
Expert:  MequonCPA replied 8 years ago.

DearCustomer-

 

Once you file your Form 1040 without full payment, you will receive a notice of balance due from the IRS. They will also include information about setting up a payment plan. I have provided a link to the IRS web page that summarizes the situation and provides links to futher information.

 

http://www.irs.gov/newsroom/article/0,,id=181096,00.html

 

I have also provided a link to Form 9465 and instructions. According to the instructions, taxpayers may be able to extend payments for periods up to 60 months.

 

http://www.irs.gov/pub/irs-pdf/f9465.pdf

MequonCPA and 4 other Tax Specialists are ready to help you