Form 9465, also known as the Installment Agreement Request

Form 9465, also known as the Installment Agreement Request, is an IRS document used to propose a payment plan for tax debts. Key points include:

1. Used when taxpayers can’t pay their full tax liability

2. Allows for monthly payments over an extended period

3. Includes personal information, tax debt details, and proposed payment amount

4. May require financial statement (Form 433-F) for larger debts

5. Can be filed online, by phone, or by mail

6. Incurs a user fee, which varies based on application method and payment type

7. Approval is not guaranteed; the IRS reviews each request

This form helps taxpayers avoid more severe collection actions while paying off their tax debt gradually. It’s important to propose a realistic payment plan that you can maintain. Interest and penalties continue to accrue until the debt is paid in full. If approved, it’s crucial to make payments on time to avoid defaulting on the agreement. Consider seeking professional tax advice when dealing with significant tax debts or complex financial situations.