IRS payments? Help please!!?

Question

I made a mistake claiming 2 children that I thought I could qualify for, anyway long story short I owe $6,400. A payment plan is on my mind now, before interest racks up, and penalties etc.. the downfall is after i do my math with bills, i can only manage a measly $135.00?!? What will happen if i tell them that? Is there another way to settle this. I have been very cooperative with them so far. I heard about an offer-in-compromise, but could i qualify for that? I just wish i never made this mistake, i was mislead about the process and qualifications on getting earned income credit for a child.. this is awful :( I know there has to be other routes to take ( i think) and i know it all ends up paying up, but is there something else im missing that could be easier.

Answer 1

Just contact the IRS payment/collections and make payment arrangements.....people make arrangements all the time.

Answer 2

Marisa is right.  

The IRS is loaded with very hard-nosed collectors....and the have the advantage of being able to squeeze your money out of you if you don't pay.  That, plus interest and penalties.  

But they will work with you if you initiate the request.  You will still have to pay the interest and penalties, but they will work out an affordable payment plan.

Answer 3

I ran into the same problem but I owed alot more. They don't care how much you pay as long as you pay something. I was paying $75 a month when I chose to pay. All you need to do is call and speak with them, for the most part they are nice. They are not 'evil' like most people think. They are friendlier than debt collectors. They just want you to pay them something