Get the free Collection Information Statement (Form 433-A)

Instructions for completing the Collection Information Statement (Form 433-A), including detailed guidance on filling out various sections related to financial information, assets, income, and necessary

How to fill out collection information statement form

How to fill out Collection Information Statement (Form 433-A)

1. Obtain Form 433-A from the IRS website or local IRS office.
2. Fill in your personal information at the top of the form, including your name, address, and Social Security Number.
3. Provide income information by detailing all sources of income, such as wages, self-employment, and other income.
4. List your monthly expenses in the section provided, categorizing them into necessary living expenses, such as housing, utilities, and transportation.
5. Fill out information about your assets, including bank accounts, vehicles, real estate, and other valuables.
6. Provide details regarding any liabilities or debts you owe.
7. Review the completed form for accuracy.
8. Sign and date the form before submitting it to the IRS.

Who needs Collection Information Statement (Form 433-A)?

1. Individuals who owe back taxes to the IRS and want to set up a payment plan or negotiate an offer in compromise.
2. Taxpayers who have received a notice from the IRS requesting financial disclosure.
3. Individuals seeking to resolve tax debts and need to provide their financial information to the IRS.

People Also Ask about

What are the allowable expenses for form 433 A?

They include food, clothing, housekeeping supplies, personal care products, rent, mortgage payment, property taxes, renter's insurance, homeowner's insurance, HOA dues, electric and gas utilities, telephone expenses, water, fuel oil, and trash collection.

What is a 433-A financial statement?

IRS Form 433-A is used to obtain financial information necessary for the IRS to determine your ability to satisfy an outstanding tax debt.

What is a 433A used for?

A 433A is California's only document providing recorded legal notice that the home and land are conjoined as real property. A recorded 433A is the defining instrument for lender and title security (ALTA 7). If one doesn't exist, then you're probably in need of our services now or in the future.

What is an IRS collection information statement?

The IRS uses Collection Information Statements (Forms 433-F and 433-A) to gather financial information from taxpayers, including people who are self-employed. These forms ask for your monthly income and expenses and the value of any assets you have, such as bank accounts, real estate, stocks, etc.

What does it mean when IRS puts you in non-collectable status?

Simply stated, being placed on currently not collectible status means that the IRS has agreed to stop attempts to collect back taxes.

What is the 433 F collection information statement?

Form 433-F is an IRS form used to assess your financial situation and determine the best strategy for settling tax debt. It requires personal information, bank account records, real estate & other assets details, employment & income info, as well as expenses.

What happens if the IRS sends you to collections?

The IRS can levy on wages, bank accounts, or other property and/or file a notice of federal tax lien against your property. The IRS can certify seriously delinquent tax debts to the State Department, which can result in the State Department revoking a taxpayer's passport or denying a passport renewal.

Who needs to file a form 433-A?

The following taxpayers may be required to complete the 433-A tax form: Individuals who owe income taxes as reported on IRS Form 1040. Individuals who must pay a Trust Fund Recovery Penalty. Individuals personally liable for a partnership liability.

For pdfFiller’s FAQs

What is Collection Information Statement (Form 433-A)?

The Collection Information Statement (Form 433-A) is a form used by the IRS to collect financial information about an individual taxpayer. It includes details regarding the taxpayer's income, expenses, assets, and liabilities to assess their ability to pay back taxes.

Who is required to file Collection Information Statement (Form 433-A)?

Individuals who are in a payment plan with the IRS, those seeking an Offer in Compromise, or taxpayers who owe back taxes and need to establish their financial situation are generally required to file Form 433-A.

How to fill out Collection Information Statement (Form 433-A)?

To fill out Form 433-A, you need to provide personal information, including your name, Social Security number, and contact details. You also need to list your income, monthly expenses, assets, and liabilities, and provide supporting documentation for the information reported.

What is the purpose of Collection Information Statement (Form 433-A)?

The purpose of Form 433-A is to help the IRS determine a taxpayer's financial condition and ability to pay their tax liability. It is used to negotiate payment plans and settlement options.

What information must be reported on Collection Information Statement (Form 433-A)?

You must report personal information, income sources and amounts, monthly expenses (such as housing, transportation, and food), assets (like bank accounts and properties), and liabilities (including debts and other financial obligations) on Form 433-A.