If you`ve entered into an installment agreement with TurboTax to pay off taxes owed, a change in circumstances might make it necessary to cancel the payment plan. Whether your financial situation has improved or worsened, you have the right to cancel an installment agreement. In this article, we`ll guide you through the steps to cancel an installment agreement on TurboTax.
Step 1: Gather the Agreement Details
Before beginning the process to cancel an installment agreement, you`ll need to gather some information:
– Your Social Security number or taxpayer identification number
– The amount of your last payment
– The date of your last payment
– The amount of your next payment (if applicable)
Having this information on hand will make the cancellation process smoother and more efficient.
Step 2: Contact the IRS or TurboTax
There are two routes you can take to cancel an installment agreement: contact the IRS or TurboTax directly. If you set up your payment plan through the IRS, you`ll need to contact the agency directly. On the other hand, if you arranged the plan through TurboTax, you can contact the company to cancel.
To cancel an installment agreement through the IRS, you can go online and complete Form 9465, Installment Agreement Request. You`ll need to indicate on the form that you want to cancel the existing agreement. Once submitted, the IRS will review your request and notify you of the cancellation status.
If you arranged the installment agreement through TurboTax, you`ll have to contact the company directly. You can contact TurboTax`s customer service to request a cancellation of the payment plan. You may be asked to provide the information gathered in Step 1.
Step 3: Follow Up
After submitting a cancellation request, it`s essential to follow up to ensure that the agreement is canceled. If you don`t receive any communication from the IRS or TurboTax within a reasonable time, contact them again to inquire about the status of the cancellation request.
Canceling an installment agreement on TurboTax is easy, but it may take some time and effort. By following the steps outlined above and staying in communication with the IRS or TurboTax, you can successfully cancel your payment plan and move on to other financial priorities.