IRS Form 433F

How and when to complete Form 433F

IRS Form 433-F (Collection Information Statement) should be completed by taxpayers who would like to either set up an installment agreement (and owe more than 25,000 to the government) or  be classified as “currently not collectible”  (taxpayer is living paycheck to paycheck and has no assets that can be liquidated).   The IRS will use this form to determine how much (if any) the taxpayer can pay at the time, and whether there is any assets that can be liquidated.

How can I find Form 433F?

You can download Form 433F online from the IRS.

What information do I need to fill out Form 433F?

First, Form 433F asks for your full name, address, phone, and social security number.  If married, you will also need this information for your spouse.

Part A asks for information on any bank accounts, whether they are savings or checking, and the latest balance as of date.  It also asks the number of dependents you declared on last year’s return as well as the number you will be declaring on next year’s return.

Part B requests information on any real estate you own, whether it is primary residence or other, monthly payments, and dates on when it was purchased or refinanced.  It also asks for the current value of the home, the balance owed, and the net equity.

Part C asks for information on other assets, such as cars, boats, and recreational vehicles.  It also requests information on the monthly payment, the year purchased, the month/year of the final payment, the current value, balance owed, and net equity.

Part D asks for information on credit cards (type, credit limit, credit owed, and minimum monthly payment.)

Part E requests wage information.  You will need to provide the IRS with the name of your employer, the amount of your gross paycheck per pay period, your pay periods (such as bi-weekly, monthly, etc.), the length of time at your current employer, your date of birth, taxes paid per period (fed, state, and local), and the total income from last year’s return.

Part F requests non-wage household information.  This includes income from alimony, rental (net income), unemployment, pension, interest, social security, child support, and net self-employment income.

Part G asks for monthly necessary living expenses, such as food/personal care, household & utilities, transportation, medical, and other. When completing this information, it is important to look at the national and local standards set by IRS.   You can access these standards here: http://www.irs.gov/individuals/article/0,,id=96543,00.html.   Most of the time, the IRS will not go past these limits, which can be based on your local area, unless you can verify and substantiate that the expenses are necessary.

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