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I owe the irs 10000 from last year and will not have enough

to pay this year. What...
I owe the irs 10000 from last year and will not have enough to pay this year. What should I do
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Answered in 1 minute by:
11/18/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,005
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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First file on time. That is very important. You can arrange another installment agreement to cover the balance owed for 2017. If you do, then you can contact the IRS to have the agreements consolidated.

This has been successful for many people.

Some people request an installment agreement then find they can not meet the payment schedule. If that is the case you can contact the IRS and tell them and they can change the amount per month. This will likely require disclosure of your new financial situation. The IRS will need a new collection information statement – either Form 433A or 433F – showing your reduction in income or increase in living expenses.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago
I don’t have an installment agreement for 2016 but was able to pay 10,500 on the 20,300 I owed. Last payment was 2 days ago. I don’t know how I can pay an agreement without an income

Then you certainly want to contact and let them know. If you have no income at all they can place you on Currently Not Collectible Status. Contacting them is critical to let the IRS know your situation.

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While your account is in CNC status, the IRS will not generally engage in collection activity. For example: It won’t levy on your assets and income. However, the IRS will still charge interest and penalties to your account, and may keep your future refunds and apply them to your debt (if you have any refunds).

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,005
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thank you

You are most welcome. My best wishes

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,219
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Different expert here – my name is ***** ***** please allow me to provide you with additional, important information.

The IRS will NOT consider you for CNC status or even include your current tax liability with your current installment agreement until AFTER they have received and processed your 2016 tax return. You must be current on all tax return filings.

Even though you rated this answer, I wanted you to have this information so you do not waste your time calling the IRS to resolve your issue only to find out it cannot be resolved until you are current on your tax return filings.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
I filed for 2016 but didn’t have enough money to pay in full. Am I better off paying more on 2016 or making estimated payments for 2017?

Make estimated payments for 2017. 4 quarter estimated payment is due by January 16, 2018 so you have some time.

Do you need a estimated tax payment voucher?

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When did you send in your 2016 tax return?

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Customer reply replied 1 month ago
Thanks, that’s a big question for me. I have a voucher. Thank you again

My pleasure.

Have a great weekend!

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Customer reply replied 1 month ago
I filed an extension and sent it in on October 16. I owed 20,000 and paid 10. Didn’t know if I was better off with the remaining income I have of paying towards 2017 or paying off 2016

The IRS has probably not processed your 2016 tax return yet.

My best advice is to wait until the IRS sends you a letter that your current installment agreement is in default THEN call the number on the letter immediately to either renegotiate your payment plan or request CNC status.

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Because your tax liability is under $100,000, the IRS will agree to reinstate your installment agreement with what you owe for 2016.

OR

request CNC status if you know you will not be able to make any payments. You will have to provide financial information for CNC consideration.

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Customer reply replied 1 month ago
Thanks for the education. I feel much better. I will make a payment on 2017 an wait for the letter. You have been a great help

I'm glad I could put your mind at ease.

Thank you.

Barb

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,005
16,005 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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