true
Top
  1. TurboTax /
  2. Tax Calculators & Tips /
  3. Tax Tips Guides & Videos /
  4. IRS Tax Forms /
  5. Video: What Is IRS Form 9465 Installment Agreement Request?

Video: What Is IRS Form 9465 Installment Agreement Request?

Updated for Tax Year 2022 • November 17, 2022 02:22 PM


OVERVIEW

Is your tax bill too much for you to handle? You may qualify to pay the IRS in installments. Watch this video to learn about the Form 9465 Installment Agreement.


TABLE OF CONTENTS

Video transcript:

Hello, I’m Jill from TurboTax with some information about paying your income tax bill in monthly installments.

Have you ever finished your tax return only to discover that the refund you anticipated was actually a tax bill? If this ever happens and you are unable to pay the tax in full, you should consider requesting an installment agreement so you can make monthly tax payments.

In order to request the installment agreement, you must be unable to pay the tax in full within 120 days of the tax return filing deadline or the date you receive an IRS collection notice, and can’t currently be on an installment plan with the IRS.

The 9465 form is rather short and only requires your personal information, the name and addresses of your bank and employer, the amount of tax you owe, an estimate of the monthly payment you can afford, the day of each month you prefer your payment to be due and the amount of any payment you choose to send with the form.

If electing to make your monthly tax payments by electronic funds withdrawal, you must also provide your bank account and routing numbers. The IRS will guarantee acceptance of your installment plan request if for the previous five tax years, all of your returns were filed and all taxes were paid on time and you didn’t enter into an installment agreement. In addition, your request for the installment agreement must be out of necessity rather than preference and your current tax debt must be $10,000 or less.

As part of the guaranteed acceptance, you cannot take more than three years to pay off your taxes and you must agree to comply with all tax laws for the duration of the agreement. This means that even while you are making monthly payments, you must ensure that you file all future tax returns and pay your taxes by the deadline each year. If you don’t, the IRS can cancel your installment agreement and request full payment.

One last thing you should always remember is that an installment agreement doesn’t eliminate late-payment interest and penalties—it only prevents the IRS from pursuing more severe collection procedures, such as garnishing your employment wages.

If you got a tax bill when you were expecting a refund, try our TurboTax W-4 Calculator at TurboTax.com. It can help you adjust your W-4 so more tax is withheld from your paychecks to avoid any tax time surprises.

Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted. File your own taxes with confidence using TurboTax. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed.

All you need to know is yourself

Answer simple questions about your life and TurboTax Free Edition will take care of the rest.

For simple tax returns only
See if you qualify

Real tax experts on demand with TurboTax Live Basic

Get unlimited advice and an expert final review. Done right, guaranteed.

For simple tax returns only

Looking for more information?