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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Instructions and Help about IRS 433-A
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
To edit the IRS 433-A tax form, download a blank copy from the IRS website or a trusted source. You can use pdfFiller's tools to upload the form, allowing you to fill in required fields electronically. Ensure all entries are accurate and up-to-date before saving or printing your completed form.
How to fill out IRS 433-A
Filling out IRS 433-A involves several steps to ensure accuracy. Follow these guidelines:
01
Begin by providing your personal information, including name, Social Security Number, and contact details.
02
Report your income sources, including employment, self-employment, and any other earnings.
03
List your asset details, including bank accounts, real estate, and vehicles.
04
Disclose your monthly expenses accurately to showcase your financial situation.
Review the completed form for any omissions or errors before submission. Use formatting tools like pdfFiller to validate information and enhance clarity.
Latest updates to IRS 433-A
Latest updates to IRS 433-A
Stay informed about any changes to the IRS 433-A form by checking the IRS website regularly. Updates may impact filing requirements, exemptions, and procedural guidelines, making it essential for filers to stay current.
All You Need to Know About IRS 433-A
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 payments and purchases are reported?
How many copies of the form should I complete?
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?
All You Need to Know About IRS 433-A
What is IRS 433-A?
IRS 433-A, titled "Collection Information Statement for Wage Earners and Self-Employed Individuals," is a form that taxpayers submit to provide detailed financial information to the IRS. This documentation is often required when individuals are unable to pay their taxes in full.
What is the purpose of this form?
The purpose of IRS 433-A is to evaluate a taxpayer's financial condition for the IRS to determine appropriate payment options. It aids the IRS in deciding whether to grant installment agreements or other relief options based on the taxpayer's financial capabilities.
Who needs the form?
Individuals who owe taxes and want to negotiate payment solutions with the IRS may need to complete IRS 433-A. This includes wage earners and self-employed individuals experiencing financial hardship, seeking an installment agreement, or requesting an Offer in Compromise.
When am I exempt from filling out this form?
Taxpayers may be exempt from completing IRS 433-A if they are not in tax debt, have no financial hardship, or are filing solely for informational purposes. Those who are current in their tax payments usually do not need to submit the form.
Components of the form
IRS 433-A consists of several sections that cover personal details, income information, assets, and liabilities. Specific components include:
01
Personal information: details about the taxpayer, such as name and Social Security Number.
02
Income section: reporting of monthly income from all sources.
03
Asset section: lists of all valuable items, such as vehicles and properties.
04
Expense section: a breakdown of monthly living expenses to assess financial obligations.
Accurate reporting in these categories is crucial for the IRS to review your financial situation effectively.
What payments and purchases are reported?
IRS 433-A requires reporting of all relevant income, expenditures, and assets. Taxpayers should disclose income from employment, self-employment, Social Security, and any rental income. Monthly expenses such as housing costs, utilities, groceries, transportation, and insurance premiums must also be documented.
How many copies of the form should I complete?
Typically, you only need to submit one completed IRS 433-A form to the IRS. However, keep a copy for your records to ensure that you have a reference for your submitted information in case of future inquiries.
What are the penalties for not issuing the form?
Failing to complete or submit IRS 433-A when required can result in penalties, such as increased scrutiny of your tax situation or denial of payment plans. The IRS may also initiate collection actions if they do not have sufficient financial information to assess your case.
What information do you need when you file the form?
To file IRS 433-A, you need detailed information regarding your income, expenses, assets, and liabilities. Having documents such as pay stubs, bank statements, and bills on hand will facilitate accurate completion of the form.
Is the form accompanied by other forms?
IRS 433-A may be submitted alongside other forms if you are applying for specific tax relief options, such as an Offer in Compromise. Ensure to check the IRS guidelines for any necessary accompanying documentation.
Where do I send the form?
The completed IRS 433-A form should be sent to the address designated in the payment or collection notice you received from the IRS. If unsure, refer to the IRS official website for the correct submission address based on your tax situation.
FAQ about IRS 433-A
What should I do if I realize I've made an error on my IRS 433-A after submission?
If you discover an error on your IRS 433-A after submission, you should promptly submit a corrected form. It's crucial to follow the IRS's guidelines for amendments, which often require stating the reason for correction. Additionally, ensure to keep copies of both the original and amended forms for your records.
How can I check the status of my IRS 433-A submission?
To verify the status of your IRS 433-A submission, you can use the IRS's online tools or contact their customer service. If you e-filed, watch out for common rejection codes and ensure to correct any issues promptly to avoid delays in processing.
Are there any common errors to avoid when submitting the IRS 433-A?
Common errors when submitting IRS 433-A include incorrect calculations, missing signatures, and failure to include required documentation. Double-checking entries and ensuring the accuracy of your information can help mitigate these issues and streamline processing.
What should I prepare if I receive a notice related to my IRS 433-A submission?
If you receive a notice regarding your IRS 433-A, review the letter carefully to understand the issue. Gather relevant documentation that supports your case and respond promptly. It's advisable to outline your position clearly and include any corrections or additional information requested.
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