Department of Finance Payment Plan: Eligibility and Enrollment Process

To be eligible for the Department of Finance Payment Plan, you must be a current student with a balance due on your student account.

The payment plan is available to students who have a minimum balance of $50 on their account.

You can enroll in the payment plan online through the university's website or by visiting the Department of Finance office in person.

The payment plan is typically available for the fall and spring semesters, but may be available for the summer session as well.

To be eligible for a Department of Finance payment plan, you must meet certain requirements. These include receiving a Notice of Collection, final bill, or final determination on all tax periods.

You cannot have defaulted on a previous payment plan for the same tax period(s). Additionally, your payment plan cannot extend beyond a warrant for collection of taxes and/or attachment and garnishment is not currently in place on any tax period(s).

If you meet these conditions, you can proceed with applying for a payment plan. The Department will draft payments from your checking or savings account, so ensure you allow them to do so.

If you're experiencing financial difficulties and a garnishment is attached to your wages and/or salaries, you may be eligible for an exception. This exception requires your payment plan to be greater than or equal to 10 percent of your gross wages and/or salaries.

If you're dealing with a traffic ticket, you'll need to work directly with the court to resolve the ticket and apply for a payment plan.

To apply for an Installment Payment Agreement, you'll need to meet certain requirements. These include having received a Notice of Collection, final bill, or final determination on all tax periods.

You must also not have defaulted on a previous Installment Payment Agreement on the same tax period(s). If you have, you won't be eligible for a new agreement.

The Department will consider an exception if a garnishment is attached to your wages and/or salaries, and the Installment Payment Agreement is greater than or equal to 10 percent of your gross wages and/or salaries.

To apply for a Payment Plan for a traffic ticket, you'll need to work directly with the court where your ticket is returnable. You'll follow the directions on the Financial Disclosure Report for Payment Plans.

Here are the key requirements for an Installment Payment Agreement:

For a Payment Plan, you'll need to fill out an application and follow the directions on the Financial Disclosure Report for Payment Plans.

If you're struggling to meet the Installment Payment Agreement requirements, don't worry, there's a way to request an exception.

You can show that you're financially unable to adhere to the requirements, or your liability is due to a multi-period audit assessment, such as Sales & Use or Withholding Tax.

To request an exception, you'll need to complete the RO-1062 Collection Information Statement for Individuals and provide a copy of your last three months' bank account statements for all accounts.

All businesses are required to attach an RO-1062 for each officer, partner, or member.

You may be asked to provide more information, so be prepared to share additional details.

Keep in mind that this form is a request, and there may be more steps to confirm your agreement with NCDOR.

Your account remains open to collection activity while under review, so it's essential to act quickly.

You're encouraged to establish an Installment Payment Agreement while your account is under review.

Here are the steps to submit an exception request:

To establish an Installment Payment Agreement, it must meet specific requirements. The agreement can be set up if it's less than or equal to 12 monthly installments, regardless of income amount. Alternatively, it can be established if it's greater than or equal to 7.5 percent of wages, salaries, Federal Adjusted Gross Income (AGI), or North Carolina Taxable Income if Federal AGI is not available.

To avoid defaulting on the agreement, you must file and pay all tax returns in full, remain current in paying estimated income taxes, and provide additional information if requested. If you're unable to meet these requirements, the agreement will be in default, and you won't be able to re-establish it. The Department may assess a 20% Collection Assistance Fee on all defaulted agreements.

Here are the key terms of the agreement:

To establish an Installment Payment Agreement, there are specific parameters to consider. The agreement can be established if it's less than or equal to 12 monthly installments, regardless of wages, salary, or income amount.

The agreement can also be established if it's greater than or equal to 7.5 percent of the taxpayer's wages, salaries, Federal Adjusted Gross Income (AGI), or North Carolina Taxable Income if Federal AGI is not available.

These parameters provide a clear understanding of the requirements for setting up an Installment Payment Agreement. By meeting these conditions, taxpayers can establish a payment plan that works for them.

Your Installment Payment Agreement can be modified or terminated if certain conditions are met. The Department has the authority to make changes or end the agreement if you provided inaccurate or incomplete information to support the agreement.

Here are some specific situations that can lead to modification or termination:

These conditions can affect the terms of your agreement, so it's essential to stay on top of your payments and communicate with the Department if your situation changes.

The details of your agreement with the Department of Finance payment plan are crucial to understanding your obligations.

Your payment plan will be customized to fit your individual needs, with a monthly payment amount that is calculated based on your income and expenses.

You will be required to make regular payments, typically every month, for a specified period of time, which can range from 12 to 60 months.

Each payment will be a fixed amount, and you will be notified in advance of any changes to your payment schedule.

You can expect to pay a total of $10,000 over the life of the payment plan, assuming a monthly payment of $167 and a 60-month repayment period.