Form 433-A Collection Information Statement for Wage Earners and Self-Employed Individuals February 2019 Department of the Treasury Internal Revenue Service Wage Earners Complete Sections 1 2 3 4 and 5 including the signature line on page 4. Section 6 Business Information Is the business a sole proprietorship filing Schedule C Yes Continue with Sections 6 and 7. No Complete Form 433-B. All other business entities including limited liability companies partnerships or corporations must complete...Form 433-B. Taxpayer s Signature Spouse s signature Date After we review the completed Form 433-A you may be asked to provide verification for the assets encumbrances income and expenses reported. Documentation may include previously filed income tax returns pay statements self-employment records bank and investment statements loan statements bills or statements for recurring expenses etc. IRS USE ONLY Notes Sections 6 and 7 must be completed only if you are SELF-EMPLOYED. S for 6 months or...longer If yes answer the following Dates lived abroad from mmddyyyy To mmddyyyy 9a Are you the beneficiary of a trust estate or life insurance policy If yes answer the following Place where recorded EIN Anticipated amount to be received When will the amount be received Name of the trust estate or policy 9b Are you a trustee fiduciary or contributor of a trust Do you have a safe deposit box business or personal If yes answer the following Value Location Name address and box number s Contents...Value at Time of Transfer Date Transferred mmddyyyy List Asset s To Whom or Where was it Transferred Catalog Number 20312N www.irs.gov Form 433-A Rev. 2-2019 Page CASH ON HAND Include cash that is not in a bank Total Cash on Hand PERSONAL BANK ACCOUNTS Include all checking online and mobile e.g. PayPal accounts money market accounts savings accounts and stored value cards e.g. payroll cards government benefit cards etc.. No Complete Form 433-B. All other business entities including limited...liability companies partnerships or corporations must complete Form 433-B. Business Name Address if different than 1b Business Website web address Total Number of Employees Frequency of Tax Deposits Does the business engage in e-Commerce Internet sales If yes complete lines 61a and 61b Type of Business Federal Contractor Average Gross Monthly Payroll PAYMENT PROCESSOR e.g. PayPal Authorize. Answer all questions or write N/A if the question is not applicable. Self-Employed Individuals Complete...Sections 1 3 4 5 6 and 7 and the signature line on page 4. Answer all questions or write N/A if the question is not applicable. For Additional Information refer to Publication 1854 How To Prepare a Collection Information Statement. Include attachments if additional space is needed to respond completely to any question* SSN or ITIN on IRS Account Name on Internal Revenue Service IRS Account Employer Identification Number EIN Section 1 Personal Information 1a Full Name of Taxpayer and Spouse if...applicable 1b Address Street City State ZIP code County of Residence 1c Home Phone 1e Business Phone 1d Cell Phone 1f Business Cell Phone 2b Name Age and Relationship of dependent s 2a Marital Status Married Unmarried Single Divorced Widowed SSN or ITIN Date of Birth mmddyyyy Driver s License Number and State 3a Taxpayer 3b Spouse Section 2 Employment Information for Wage Earners If you or your spouse have self-employment income instead of or in addition to wage income complete Business...Information in Sections 6 and 7.
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How to edit IRS 433-A
How to fill out IRS 433-A
Instructions and Help about IRS 433-A
How to edit IRS 433-A
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How to fill out IRS 433-A
Filling out the IRS 433-A involves providing detailed financial information. First, gather all necessary documents, including your income statements, asset records, and monthly expenses. Follow the form's sections carefully, ensuring that all information is precise.
01
Start by entering your personal identification details.
02
Report employment information, including employer details and income.
03
Document assets such as cash, real property, and vehicles.
04
Provide information about monthly expenses for accurate assessment.
About IRS 433-A 2020 previous version
What is IRS 433-A?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 433-A 2020 previous version
What is IRS 433-A?
IRS 433-A is a financial disclosure form used by individuals to provide the IRS with a comprehensive overview of their financial status. It assists the IRS in determining the best collection options when taxpayers owe taxes but cannot fully pay their liabilities at the time.
What is the purpose of this form?
The purpose of the IRS 433-A form is to assess an individual's ability to pay outstanding tax liabilities. By collecting detailed financial information, the IRS can evaluate whether to grant a payment plan or offer an agreed-upon settlement for tax debts.
Who needs the form?
The IRS 433-A is typically required for individuals who are under review for their ability to pay tax debts. Taxpayers seeking to negotiate an installment agreement or offer in compromise with the IRS will need to submit this form as part of their request.
When am I exempt from filling out this form?
You may be exempt from filling out the IRS 433-A form if your taxes are paid in full or if you do not owe any taxes to the IRS. Additionally, if you are in a category that does not require disclosure of financial information, such as certain low-income taxpayers, you may not need to submit this form.
Components of the form
The IRS 433-A consists of several sections that ask for personal, income, asset, and expense information. These components are crucial for the IRS to understand a taxpayer's financial situation. Key sections include:
01
Personal details such as name, address, and Social Security number.
02
Employment and income information.
03
A detailed account of assets and liabilities.
04
Monthly living expenses breakdown.
What are the penalties for not issuing the form?
Not issuing IRS 433-A when required can lead to several penalties. These may include increased tax liabilities, denial of installment agreements or offers in compromise, and potential litigation actions taken by the IRS to recover owed amounts.
What information do you need when you file the form?
When filing IRS 433-A, you need a variety of financial information. This includes details about all income sources, a complete list of assets (including cash savings, real estate, and vehicles), and a detailed account of monthly expenses and liabilities.
Is the form accompanied by other forms?
IRS 433-A may need to be accompanied by additional documentation, such as bank statements, pay stubs, and a completed IRS 656 if you're submitting an offer in compromise. Providing complete financial documentation can facilitate the processing of your request.
Where do I send the form?
The completed IRS 433-A form should be sent to the address specified in the instructions for IRS 656 if it's part of an offer in compromise. If you're applying for a payment plan, follow the guidelines provided in your IRS correspondence for the correct submission address.
FAQ about IRS 433-A
What should I do if I make a mistake on my IRS 433-A after filing?
If you realize you've made an error after submitting your IRS 433-A, you need to file an amended return. It's crucial to indicate the corrections clearly and include any supporting documentation. Ensure that your amended form is properly marked to avoid confusion during processing.
How can I verify the receipt of my IRS 433-A?
To check the status of your IRS 433-A, you can use the IRS online tracking tool available on their website. This tool will show you whether your form has been processed, any action required from you, and if your submission was accepted or rejected.
Are there specific errors I should avoid when submitting the IRS 433-A?
Common mistakes include omitting required fields, mismatched financial information, or incorrect signature. Carefully reviewing the form before submission can help you avoid these issues, ensuring a smoother processing of your IRS 433-A.
What should I do if my e-filed IRS 433-A gets rejected?
If your IRS 433-A submission is rejected, review the rejection code provided for specific instructions on how to rectify the issue. Often, it involves correcting errors on the form and resubmitting. Ensure that all presented information is accurate to prevent future rejections.
Can I e-sign the IRS 433-A and what are the requirements?
E-signatures are acceptable for the IRS 433-A, provided that the process used for e-signing meets IRS guidelines. It's essential to follow the specific steps for e-filing to ensure your signature is valid and that your submission complies with all electronic filing requirements.
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