Tax Dictionary – Installment Agreement

IRS Definition:

If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement.

More from H&R Block:

There are several types of IRS payment plans, called installment agreements, that you can set up if you can’t pay your taxes.

Some installment agreements are simple payment arrangements that you or your tax pro can set up using the IRS Online Payment Agreement tool. Others are more complicated to request and can involve sending the IRS proof of your income and assets.

The best type of installment agreement for your situation depends on the amount you owe, how fast you can pay it, and your financial circumstances.

Learn all of the options you may have if you can’t pay your taxes.

Related Topics

Related Resources

IRS Letter 484C – Collection Information Statement Requested

Learn more about letter 484C, why you received it, and how to handle an IRS 484C letter with help from the tax experts at H&R Block.

Tax Dictionary – Levy

Get the facts from H&R Block about IRS levies, which typically seize wages or funds from bank accounts to satisfy IRS tax debts.

Tax Dictionary – IRS Penalty for Filing Late

Get the facts about the IRS penalty for filing late, and what to do if you get a late-filing penalty. Get the IRS definition and more from H&R Block.

IRS Letter 916C – Claim Incomplete for Processing; No Consideration

Receive an IRS 916C letter? Learn more about letter 916C, why you received it, and how to handle it with help from the tax experts at H&R Block