Navigating the tax landscape is complicated. If you get hit with a tax bill you’re unable to pay, you may need to fill out IRS Form 433-A, which is used to provide the IRS with information about your income, assets, and liabilities so you can request help.
Who Should Use It
Usually, taxpayers, wage earners, and self-employed people fill out 433-A when they cannot pay their tax bill and are applying for a tax resolution payment plan such as an Installment Agreement (IA), Offer in Compromise (OIC) or Currently Not Collectible (CNC).
How to Fill out Form 433-A
Section 1: Basic Personal Information
- Full name and spouse name
- Home, cell, and business phone numbers
- Home address
- Marital status
- Name, age, and relationship of dependents
- Social Security number, or ITIN, of you and your spouse
- Date of birth for you and your spouse
- Driver’s license number and state
Section 2: Employment Information
- Employer’s name
- Employer’s address
- Work telephone number
- Occupation
- Time of employment
- Number of withholding allowances claimed on Form W-4
- Pay period
Section 3: Additional Financial Information
- You’re a party to a lawsuit
- You’ve filed for bankruptcy
- You’ve lived outside of the U.S. within the past 10 years for six months or longer
- You’re the beneficiary of a trust, estate, or life insurance policy
- You’re a trustee, fiduciary, or contributor of a trust
- You have a safe deposit box
- You’ve transferred any assets for less than their full value in the past 10 years
Section 4: Personal Asset Information
- Cash on hand
- Personal bank accounts
- Investments
- Available credit
- Real estate
- Vehicles
- Personal assets, such as furniture, jewelry, antiques, etc.
Section 5: Monthly Income and Expenses
- Wages
- Pension
- Social Security
- Child support
- Alimony
Examples of living expenses include:
- Food and clothing
- Housing and utilities
- Vehicle ownership costs
- Vehicle operating costs
- Health insurance
- Child and dependent care
Sections 6 & 7: To Be Filled Out by Self-Employed Individuals Only
- Business name and address
- Employer Identification Number (EIN)
- Type of business
- Business website
- Total number of employees
- Average gross monthly payroll
- Frequency of tac deposits
- Third-party payment processors used to accept credit card payments
- Business bank accounts
- Business assets
- Gross receipts
- Gross rental income
- Interest
- Dividends
- Cash receipts
Business expenses:
- Materials purchased
- Inventory purchased
- Gross wages and salaries
- Rent
- Supplies
- Utilities and telephone
- Gasoline and oil for business vehicles
- Repairs and maintenance
- Insurance
- Current taxes
- Other expenses, such as student loans and unsecured liabilities
We Can Help
We know it can be overwhelming. If you’re unsure where or how to start, contact the tax professionals at Highland Tax Group today.