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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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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.



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.,,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.

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