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Are you struggling to pay your taxes to the Internal Revenue Service (IRS)? If so, you may be wondering if you can set up multiple installment agreements to manage the payments. In this article, we will explore the answer to this question and provide guidance on how to set up an installment agreement with the IRS.
The short answer is that you can have multiple installment agreements with the IRS, but it can be difficult to get approved for more than one. The IRS typically prefers to consolidate all of your outstanding tax debts into one installment agreement to simplify the payment process.
To set up an installment agreement, you will need to complete IRS Form 9465, Installment Agreement Request. You must submit this form along with your tax return or notice of deficiency to the IRS. You will need to provide financial information, such as your income and expenses, to help the IRS determine your ability to pay.
If the IRS approves your installment agreement request, you will be required to make regular payments on a set schedule until your tax debt is paid off. The amount of your payments will depend on your total tax debt and your ability to pay.
If you have multiple tax debts, you can request to have them consolidated into one installment agreement. You can do this by completing Form 433-F, Collection Information Statement, and submitting it to the IRS along with your Installment Agreement Request.
Consolidating your tax debts into one installment agreement can simplify your payment process and may make it easier to manage your finances. However, if you have already set up an installment agreement for one tax debt and need to set up another for a different tax debt, you may have to provide additional financial information to the IRS to support your request.
In conclusion, while it is possible to have multiple installment agreements with the IRS, it can be difficult to get approved for more than one. Consolidating your tax debts into one installment agreement may be a better option to simplify your payment arrangements and manage your finances. If you are struggling to pay your taxes, it is important to take action to avoid penalties and interest charges. Set up an installment agreement or explore other tax relief options to get your finances back on track.