Question re: payment plans/agreements
Hi, all. Throwaway account because family/friends follow my regular one and my finances ain't none of their business lol.
A few notes: I'm self-employed, WFH, 1099 independent contractor, however you'd like to call it.
I had a rough go of it financially in 2023 and 2024. When I filed for my 2023 taxes, because 2024 was already financially awful, I didn't have quite enough money to cover what I owed. I ended up entering into a payment plan with the IRS where I pay $250/month (and extra when I have it) to pay on the taxes from 2023. I've been doing that every month since last summer.
Now, back in March, I got my taxes done for 2024. Like I said, 2024 was also pretty hard on me financially (expenses up, income down, the whole sob story), and I ended up owing more to the IRS for 2024 that I also didn't have enough money for.
So here's my question: Do I need to enter into a second payment plan with the IRS for the 2024 taxes (so I'd have two payment plans, one for 2023, the other for 2024), or, since I'm already on a payment plan with the IRS, do they just tag 2024 onto the end of 2023's? Trying to strategize the best way to pay these off but that's obviously a key piece of info I need. Haven't been able to get through to anyone at the IRS to answer this question for me.
Thanks!
Posted May 7, 2025, 2:33 PM UTC