Form 9465: Installment Agreement Request is an official document provided by the Internal Revenue Service (IRS) for taxpayers who find themselves unable to make a lump sum payment for their owed taxes. This form facilitates the establishment of a structured installment plan, enabling taxpayers to gradually pay off their tax debt, provided they meet specific eligibility criteria. Depending on the total amount owed, taxpayers can choose to submit this form either electronically or by traditional mail, and they may need to include supplementary forms as required by the IRS.
Once an agreement is reached with the IRS, a setup fee is applied, and interest and penalties will continue to accumulate on the outstanding balance. Failure to make the agreed-upon monthly payments may result in the IRS considering the agreement in default.
What is Form 9465?
Form 9465: Installment Agreement Request is a form from the IRS that allows taxpayers who owe taxes, but don’t have the money to pay in-full, to set up a payment plan for their taxes. Filing this form allows taxpayers to pay their taxes off over time, while also avoiding IRS collection efforts. Depending on the amount due, a one-time setup fee may be required. Penalties and interest will still apply to any unpaid balance, so taxpayers should make more than the minimum monthly payment when they are able. When filing, taxpayers should also be aware of the conditions and provide the necessary supporting documents and information.
IRS Form 9465 – Who Needs to Fill It Out?
If you owe $50,000 or less in taxes, penalties, and interest, you can set up a payment plan with the IRS via Form 9465: Installment Agreement Request. This form is available on the IRS website or by calling 1-800-829-1040. Generally, the installment plan must be completed within 72 months or less depending on the amount owed. Note that even with the installment plan, interest and penalties are still applied to the outstanding balance until it is paid off. Low-income taxpayers may have the setup fee waived or pay a reduced fee. A modified or terminated Installment Agreement will incur an additional fee of $89 ($43 for low-income taxpayers).
Step-by-Step: Form 9465 Instructions For Filling Out the Document
Form 9465: Installment Agreement Request is a form available from the Internal Revenue Service (IRS) which allows taxpayers who can’t pay their taxes in full to set up a plan for monthly payments. Eligibility criteria must be met, including a maximum of $10,000 owed, and if owing more than $50,000, the form is to be filled out on paper with original signatures attached to the tax return. Interest and penalties accrue until the payment is settled, and a one-time setup fee is also charged depending on the payment method. For those who are struggling with the IRS bill, there are other options available, and you can contact the IRS at 1-800-829-1040 for further information.
Below, we present a table that will help you understand how to fill out Form 9465.
|Information Required for Form 9465||Details|
|Form Name||Installment Agreement Request (Form 9465)|
|Available from||Internal Revenue Service (IRS)|
|Purpose||Allows taxpayers who can’t pay their taxes in full to set up a plan for monthly payments|
|Eligibility Criteria||Must meet criteria, including a maximum of $10,000 owed|
|For Amounts Over $50,000||Fill out on paper with original signatures attached to the tax return|
|Accrual of Interest and Penalties||Interest and penalties accrue until the payment is settled|
|Setup Fee||One-time setup fee charged depending on the payment method|
|Additional Options||Other options available for those struggling with the IRS bill|
|Contact Information||Contact the IRS at 1-800-829-1040 for further information|
Do You Need to File Form 9465 Each Year?
Do You Need to File Form 9465 Each Year? No, Form 9465 is used to set up an installment agreement with the IRS for taxes owed in one year. This form should only be used if you are unable to pay your taxes in a lump sum and meet certain conditions. If you owe over $50,000 in taxes, penalties, and interest, you must also submit Form 433-F which can’t be done online, in addition to Form 9465. You must also pay a one-time setup fee, and penalties and interest accrue on the outstanding balance until it is paid off. To find out more information on taxes payment options, contact the IRS.
Download the official IRS Form 9465 PDF
On the official IRS website, you will find a link to download Form 9465. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 9465