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Typically, the IRS does not allow taxpayers to have two separate installment agreements simultaneously.
While the IRS typically doesn't allow taxpayers to have two separate installment agreements, adding a new tax debt to an existing installment plan is possible. However, taxpayers must act swiftly before the IRS assesses the new tax balance and potential default occurs, triggering enforcement actions.
Your minimum monthly payment for an IRS installment plan is generally what you owe divided by 72, if you don't specify a different amount. You can start an IRS installment plan by applying online, over the phone, or by mailing Form 9465 to the IRS.
To request an installment agreement, the taxpayer must complete Form 9465. Form 9465 can be included electronically with an e-filed return or paper-filed.
Instalment interest is compounded daily at the prescribed interest rate, which can change every three months.