Form 433-a

What is Form 433-a?

Form 433-a is a financial statement used by individuals who owe taxes to the Internal Revenue Service (IRS). It provides a detailed overview of the taxpayer's financial situation, including income, assets, expenses, and liabilities. This form is essential for the IRS to assess an individual's ability to pay their tax debt and determine the most suitable repayment plan. By completing Form 433-a accurately and honestly, taxpayers can demonstrate their willingness to resolve their tax obligations.

What are the types of Form 433-a?

There are two types of Form 433-a: Form 433-a (OIC) and Form 433-a (SF). Form 433-a (OIC) is used for individuals who are applying for an Offer in Compromise (OIC), which is a settlement option allowing taxpayers to pay less than the full amount they owe. Form 433-a (SF), on the other hand, is used by self-employed individuals to provide more detailed information about their business income and expenses.

Form 433-a (OIC)
Form 433-a (SF)

How to complete Form 433-a

Completing Form 433-a accurately and thoroughly is crucial to ensure that the IRS has all the necessary information to evaluate your financial situation. Here are the steps to complete Form 433-a:

01
Gather all required information and supporting documents, including proof of income, assets, expenses, and liabilities.
02
Carefully review the instructions provided with the form to understand the specific requirements and guidelines.
03
Fill in your personal information, such as your name, Social Security number, and contact details.
04
Provide detailed information about your income, including wages, self-employment earnings, rental income, and other sources of income.
05
List all your assets, such as real estate, vehicles, bank accounts, investments, and valuable personal property.
06
Disclose your monthly expenses, including housing, transportation, utilities, food, healthcare, and other necessary expenses.
07
Include information about your liabilities, such as outstanding debts, loans, and tax obligations.
08
Ensure all the information provided is accurate and up-to-date.
09
Sign and date the form, certifying that the information provided is true and correct.
10
Submit the completed Form 433-a to the IRS as instructed, either by mail or electronically if applicable.

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Questions & answers

The Differences Between Forms 433-A, B, and F Form 433-A and 433-B are both six pages long, but Form 433-F is only two pages long. Form 433-A or 433-B (business) is generally requested by IRS revenue officers, whereby IRS collections require 433-F. Form 433-F is much easier to complete.
You're eligible to apply for an Offer in Compromise if you: Filed all required tax returns and made all required estimated payments. Aren't in an open bankruptcy proceeding. Have a valid extension for a current year return (if applying for the current year)
1:20 27:49 How to fill out IRS Form 433-A OIC - 2022 - YouTube YouTube Start of suggested clip End of suggested clip You have to fill this out okay employer's name pay period so like how often are you paid what's yourMoreYou have to fill this out okay employer's name pay period so like how often are you paid what's your employer's. Address you got to fill all this out.
Types of Form 433-A Form 433-A is the long form of the Collection Information Statement. Form 433-A OIC is the version of the form specifically used when seeking an offer in compromise.
1:20 27:49 How to fill out IRS Form 433-A OIC - 2022 - YouTube YouTube Start of suggested clip End of suggested clip You have to fill this out okay employer's name pay period so like how often are you paid what's yourMoreYou have to fill this out okay employer's name pay period so like how often are you paid what's your employer's. Address you got to fill all this out.
What is the purpose of Form 433F? Form 433-F is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability. Note: You may be able to establish an Online Payment Agreement on the IRS web site.