Q:

Are installment payments available to pay an IRS bill over time online?

A:

Quick Answer

Taxpayers who owe the Internal Revenue Service can request a monthly installment agreement to make a series of payments over time, according to the IRS. Alternatively, taxpayers can request an extension of time to pay their bill up to 120 days.

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Are installment payments available to pay an IRS bill over time online?
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Full Answer

Monthly payment arrangements incur a one-time installment agreement user fee, which is reduced if the installments are paid via a direct debit from the taxpayer's bank account, notes the IRS. Taxpayers with incomes below 250 percent of the federal poverty guidelines may request a reduced user fee.

Regardless of the arrangement, any amount owed accrues interest and a monthly late payment penalty until the balance is paid in full, as the IRS explains.

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