When does the IRS send statements for ongoing installment payment plans?
So we've been enrolled in an IRS installment payment plan with automatic monthly withdrawals from our checking account for about 6 months now. Everything seems to be working fine - the money gets taken out like clockwork around the 15th of each month. But I'm wondering when/if the IRS is going to send us some kind of statement or summary? Do they send something annually showing how much we've paid and what our remaining balance is? I'd really like to know how much we've chipped away at our tax debt without having to go through the nightmare of trying to reach someone on the phone. Last time I tried calling the IRS, I was on hold for over 2 hours before I finally had to hang up for a work meeting. Anyone have experience with these payment plans and know if/when statements get sent out?
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Zainab Omar
The IRS typically sends an annual statement for installment agreements called a CP89 notice. You should receive this once a year, usually around January, showing your remaining balance, payments made during the previous year, and any interest or penalties that were added. You don't have to wait for the annual statement though. You can also create an account on the IRS website (irs.gov) and view your payment history and remaining balance online anytime. This is much faster than waiting on the phone. Look for the "View Your Account" option after logging in - it shows your current balance and payment history.
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Connor Murphy
•Does the online account actually show the breakdown of payments though? I tried looking at mine last year and could only see my total balance but not how much of my payments went to the original tax debt vs interest and penalties. Or maybe I was just looking in the wrong place?
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Zainab Omar
•Yes, the online account does show the breakdown, but you need to go into the payment details section. On the main account page, you'll see your total balance, but if you click on "Payment Activity" it will show individual payments. For a full breakdown of principal versus interest and penalties, look for the section labeled "Tax Records" which should provide that detailed allocation. The interface isn't the most user-friendly, so it's easy to miss. If you're still having trouble, try using the desktop version rather than mobile, as it tends to display more information.
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Yara Sayegh
After spending HOURS trying to get payment info from the IRS for my installment plan, I finally tried taxr.ai and it was such a relief! I just uploaded my IRS notices and it analyzed everything - showing exactly how much I've paid, how my payments were applied, and what I still owe. The site https://taxr.ai actually gave me a clearer breakdown than what I got from calling the IRS!
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NebulaNova
•How does it work exactly? Do you have to give them access to your bank account or anything? I'm always cautious about tax stuff online.
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Keisha Williams
•Is it really accurate though? I've tried other tax tools that claimed to track my payments but they were always slightly off from what the IRS actually had on record.
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Yara Sayegh
•No need to provide any bank account information - you just upload your IRS notices or letters and their system analyzes the documents and extracts all the payment information. It's completely secure and they don't store your financial information. As for accuracy, it's been spot-on for me. The system actually reads the official IRS documents themselves, so it's using the exact same information the IRS has on record. It's not trying to estimate or calculate anything on its own - it's pulling directly from your official notices.
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Keisha Williams
Just wanted to update - I tried taxr.ai after asking about it here and wow, it actually worked great! I had a stack of IRS notices from the past year that I'd been avoiding going through. The tool analyzed all of them in minutes and showed me exactly how much of my installment payments had gone to principal vs interest, plus how much longer until I'm paid off. Saved me from having to call the IRS and wait on hold forever. Super helpful for keeping track of my payment plan progress!
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Paolo Conti
If you really need to speak with someone at the IRS about your installment agreement but can't get through, try Claimyr. I was in a similar situation - needed to verify some payment info that wasn't showing up online. After three failed attempts to reach the IRS (2+ hours on hold each time), I used https://claimyr.com and they got me connected to an IRS agent in about 20 minutes. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c - basically they navigate the phone system for you and call you when they've got an agent on the line.
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Amina Diallo
•How does that even work? Seems like magic if they can somehow get through when normal calls can't. Are they using some kind of special business line or something?
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Oliver Schulz
•Sounds like a scam to me. Nobody can magically get through IRS phone lines faster. They probably just keep you on hold themselves and charge for the privilege. I'll stick with wasting my own time for free lol.
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Paolo Conti
•It's not magic - they use technology that navigates the IRS phone systems and waits on hold for you. When they reach a live agent, they connect the call to your phone. They're essentially taking the hold time burden off your hands. They don't have any special access or business line - they're just using a sophisticated system to handle the wait time so you don't have to sit there listening to the hold music for hours. It's basically like having someone else wait in line for you, then they text you when it's your turn.
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Oliver Schulz
Alright I need to eat my words from earlier. After another failed 3-hour attempt to reach the IRS yesterday, I broke down and tried Claimyr out of desperation. I was 100% skeptical but honestly, it worked exactly as advertised. Got a call back in about 30 minutes with an actual IRS agent on the line. Found out my payment plan had a processing issue they needed to fix, which I never would have known about from the online account. Sometimes it pays to be wrong!
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Natasha Kuznetsova
Another option is to request a transcript online. You can get an account transcript that shows all transactions including your payments. Go to irs.gov and search for "Get Transcript" - you can view it online or have it mailed. It's not as pretty as a statement but shows everything.
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AstroAdventurer
•Does the transcript show future scheduled payments too? Or just what's already been paid?
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Natasha Kuznetsova
•The transcript only shows payments that have already been processed, not future scheduled payments. It's essentially a historical record of all transactions on your account including payments made, penalties, interest, and adjustments. If you need to see your future payment schedule, you'd need to reference your original installment agreement documents or contact the IRS directly. The online account mentioned in other comments sometimes shows your payment schedule too, depending on how your plan was set up.
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Javier Mendoza
Has anyone received a year-end statement for 2024 yet? I'm on a payment plan too and haven't gotten anything in the mail. Starting to wonder if they stopped sending them.
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Emma Wilson
•I got mine about 2 weeks ago. Check your mail carefully - the envelope looks super generic and I almost tossed it thinking it was junk mail. If you haven't gotten it by now, might be worth checking if they have your current address.
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Angelina Farar
I've been on an installment plan for about 2 years now and can confirm that the annual statements (CP89 notices) usually come out in January/February. They show your remaining balance, total payments made during the year, and how much went toward interest vs. principal. One tip I learned the hard way - make sure to keep all your bank statements showing the automatic withdrawals as backup records. Last year there was a discrepancy where the IRS showed I missed a payment, but my bank records proved it went through. Having those records saved me a lot of headache when I had to dispute it. The online account is definitely your best bet for real-time tracking though. Once you get familiar with navigating it, you can check your balance and payment history anytime without waiting for the mail or dealing with phone hold times.
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Katherine Shultz
•That's really good advice about keeping the bank statements! I never thought about potential discrepancies like that. How long did it take to resolve the issue when the IRS showed you missed a payment? Did you have to mail in copies of your bank records or were you able to handle it online somehow?
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Mateo Rodriguez
I'm in a similar boat - been on an installment plan for about 8 months now and was wondering the same thing about statements. Really appreciate everyone's input here, especially about the CP89 notices coming in January/February. One thing I'd add is that you can also call the automated IRS phone line at 1-800-829-1040 and use the automated system to get your current balance without having to wait for a human agent. You just need your SSN and some basic info from your last tax return. It's not as detailed as the online account, but it's a quick way to check your remaining balance if you're having trouble with the website. The advice about keeping bank statements is gold - definitely going to start doing that going forward. Nothing worse than having to prove a payment went through when the IRS systems mess up.
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Diego Flores
•That's a great tip about the automated phone line! I had no idea you could get balance information without waiting for an agent. I'm definitely going to try that - seems like a good middle ground between the online account (which can be confusing to navigate) and sitting on hold forever trying to reach a person. Thanks for sharing the number too, I'll save it for future reference.
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