IRS Form 9465, Installment Agreement Request is an essential document for every taxpayer, especially for those who cannot pay the amount they owe in full based on the prepared tax returns. The form had been changed and revised multiple times as of 2024, with many important new instructions and requirements that the taxpayers need to pay attention to.
What is IRS Form 9465?
IRS Form 9465 is a request for a monthly installment agreement, submitting a payment plan between the concerned taxpayer and the Internal Revenue Service. This agreement is for a tax liability payment spread over a period and not in a lump sum manner. The form can be used with different tax forms, such as Form 1040 (individual income tax return) and Form 941 (employer’s quarterly federal tax return).
Instructions in filling form 9465
Now the instructions for the 2024 Form 9465 have been re-issued, this should answer all the questions for a taxpayer preparing the form. The most pertinent points for the taxpayer are related to: the installment agreements, streamlined, and partial payment installment agreements. Other information includes when to request an installment agreement in respect to the Collection Statutes and how to apply for an IA without doing the paper application that may also reduce the user fee.
Applying for an Installment Agreement
A taxpayer can apply for an installment agreement in various forms:
- Online – With a total debt of $50,000 or less, an individual can qualify for IRS OPA, whereby application of taxpayer is linked with a low user fee imposed.
- By mail: Taxpayers may mail Form 9465 and the attachment to the front of the tax return, or may send it separately to the appropriate IRS service center.
- By phone: Taxpayers may request an installment agreement by calling the IRS. However, the Service does not advise that using this method will obtain the reduced user fee the same as requesting an agreement over the internet.
IRS updated its user fee waivers and reimbursements policies for low-income taxpayers: The taxpayer whose income is at or below 250% of the applicable federal poverty level can qualify to have the installment agreement user fee waived or reimbursed if other specific conditions are met.
IRS Form 9465 continues to be a very important form filed by the taxpayers who are unable to fully pay their taxes on time. Several changes have still been effected in this year 2024, and new updates launched, hence the need for taxpayers to have an understanding of new instructions and the ways of applying to make them enabled to file for an installment agreement, hence a way to manage their tax liability.
