Installment Agreement Stimulus Check

As the world continues to feel the economic effects of the COVID-19 pandemic, governments around the world have been offering stimulus packages to help individuals and businesses survive financially. In the United States, the government has sent out multiple rounds of stimulus checks to eligible citizens, with the most recent round being part of the American Rescue Plan Act of 2021. However, not everyone has received their stimulus check, and for some, it may be because they owe taxes or have outstanding debts with the government.

If you find yourself in this situation, don`t despair! You may still be able to receive your stimulus check through an installment agreement. An installment agreement is a payment plan that allows you to pay your taxes or debts to the government over time, instead of in one lump sum. By setting up an installment agreement, you can make smaller, more manageable payments towards your debt, while still receiving your stimulus check.

To set up an installment agreement, you`ll need to go through the IRS. You can do this by submitting Form 9465, which is the Installment Agreement Request form. This form requires you to provide information about your financial situation, including your income and expenses, in order to determine the amount you can afford to pay each month. Once the IRS approves your installment agreement, you`ll be able to start making payments towards your debt.

Once your installment agreement is in place, you`ll be eligible to receive your stimulus check. The IRS will not withhold your payment to put towards your installment agreement, so you`ll receive the full amount. However, it`s important to note that if you owe child support or other federal debts, your stimulus check may still be withheld.

If you`re struggling financially and have outstanding debts with the government, setting up an installment agreement may be a good option for you. By doing so, you can make smaller, more manageable payments towards your debt while still receiving your stimulus check. Contact the IRS or your tax professional for more information on setting up an installment agreement and receiving your stimulus check.