How Partial Payment Installment Agreements Work
Dealing with a tax debt can be daunting, but the IRS offers solutions that may help taxpayers struggling to pay in full. A partial payment installment agreement (PPIA) is one option available to taxpayers who owe back taxes and cannot afford to pay everything at once. This agreement allows them to pay their debt in installments over time.
Under this plan, you will make monthly payments for up to 72 months (six years). The amount you must pay each month depends on your income and financial situation. It also takes into account how much of your tax debt you are able to pay off within the six year period. The IRS uses an affordability calculator when deciding how much you will need to pay each month. You’ll also have to provide detailed financial information so that they can determine if a PPIA is right for your situation.
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