Form 433-F: Collection Info Statement

Form 433F, also known as the Collection Information Statement, is an Internal Revenue Service (IRS) document used to gather your current financial situation. The IRS uses this information to determine your ability to repay outstanding tax liabilities.

What is the purpose of Form 433F?

The IRS uses Form 433F to:

Evaluate your ability to pay: By analyzing your income, assets, and expenses, the IRS can determine if you can settle your tax debt in full or require a payment plan.

Determine eligibility for options: Based on your financial situation, the IRS can assess if you qualify for programs like installment agreements or "Currently Not Collectible" status.

Who should file Form 433F?

You may be required to file Form 433F if:

  • You owe the IRS more than a certain amount (the exact amount can change).
  • You request an installment agreement to pay off your tax debt.
  • The IRS needs additional information to determine your ability to repay your tax liability.

How to File Form 433-F?

Step 1: Download Form 433-F attached below. The form itself provides detailed instructions for each section.

Step 2: Gather all your financial documents like bank statements, pay stubs, and mortgage statements before you begin filling out the form.

Step 3: Generally, you'll need to provide information about your:

  • Assets (bank accounts, real estate, vehicles, etc.)
  • Debts (credit cards, loans, etc.)
  • Income (wages, self-employment income, rental income, etc.)
  • Monthly living expenses (housing, utilities, transportation, medical, etc.)

Step 4: Submit the form.

What information do I need to provide on Form 433F?

The form asks for details about your:

Assets: This includes your house, car, bank accounts, investment accounts, and other valuable possessions.

Liabilities: This includes your debts like mortgages, car loans, credit card balances, etc.

Income: You'll need to provide information about your wages, self-employment income, rental income, and other sources of income.

Monthly expenses: This includes housing costs, transportation, groceries, medical expenses, childcare, and other living expenses.

What happens after I submit Form 433F?

Once the IRS receives your form, they will review your financial information. They may contact you for additional documentation or clarification. Based on your submission, they will determine your eligibility for different options like installment agreements or other relief programs.