Have a Tax Question? Ask a Tax Expert
Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!
Good afternoon. This is easily done. Once you send in your return with the $5,000, you will get a letter from the IRS within 30-60 days notifying you of the balance due. At that point, you can call the number in the letter and set up an installment arrangement with the IRS by phone, or, since the amount owed is under $50,000 and you can pay it within 72 months, you can do it online without speaking to an agent.
Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!