The IRS may agree to reach the most possible settlement point with the tax debtors to resolve their tax liabilities. To do so, you may need to file relevant IRS forms to get the benefits of different payment plans.
What is the IRS Form 433-F?
The Form 433-F (Collection Information Statement) helps the IRS to collect the taxpayer’s financial conditions. If you have a tax debt balance under $50,000 that you cannot pay in full in 6 years, or have a balance of more than $50,000, then you can fill out this form to request the IRS for an installment agreement payment plan.
You can also fill out currently not collectible form 433 F to request the IRS for suspension of all your tax levies or garnishments due to your financial hardships. This form is meant for taxpayers who are assigned to a collection department but not dealing with a Revenue Officer.
How to complete the IRS Form 433-F?
You must be honest in filling out the form to disclose everything as mentioned in the different sections of the IRS Form 433-F. After filling out your personal details in top section, you must disclose your all bank accounts and lines of credit in Section A and list out all real estate holdings in Section B. In Section C, you must mention about other assets like vehicles and insurance details. Similarly, list all of your credit cards details in Section D.
If you are a businessman, then you need to provide your business details like bank accounts and credit cards in Section E. In case you are an employee, you can skip this section to fill out Section F with your employment information. Your non-wage household income like alimony, unemployment payments, and interest dividends are to be mentioned in detail in Section G.
Use section H to show your monthly necessary living expenses ranging from food expenses to insurance premiums and delinquent state taxes payments.