Form 433 F: For Those Who Owe a Little More
IRS Form 433 F – Collection Information Statement for Higher Debts
Who needs a Form 433 F?
Although 433-A, 433-B and 433-F are all used by the IRS as “Collection Information Statements,” Form 433F is different, because of the amount of the tax debt and the requirements associated with that amount. While an individual who owes $50,000 or less and a business that owes $25,000 or less may be eligible to apply for an online payment agreement, that eligibility is not extended to businesses or individuals that owe higher debts. Therefore, the IRS offers installment agreements and requests submission of Form 433 F.
In order to take the first steps toward paying in installments, self-employed individuals who are carrying these higher debts must complete Form 9465 and Form 433-F. The 433F is shorter and is most often requested by the IRS when the taxpayer is negotiating with their IRS Automated Collection Service, rather than with a face-to-face IRS representative. The IRS may still ask for Form 433-A instead of 433-F even if your tax debt is more than $50,000 to consider the terms for an installment agreement using more detailed financial information.
Individuals required to submit Form 433 F include those who owe employment taxes related to a business that is no longer in operation.
What is Form 433 F for?
The IRS uses Form 433 F as a way to collect information on individuals who owe over $50,000 in taxes to determine how much they can afford to pay. It’s basically a financial snapshot to resolve that tax liability. This form asks for account information, lines of credit, real estate, and any other assets a taxpayer may own. The IRS reviews the employment and self-employment income and expenses to determine the type of installment agreement they will enter into with the taxpayer.
If an individual fills in the Form 433-F and sends it to the IRS with a letter requesting currently not collectible (CNC) status, the IRS will evaluate the form to determine that an individual is, in fact, currently not collectible (CNC). Then the IRS determines how much the individual can afford to pay on the installment agreement payment. The information provided on this form is valid for 12 months.
Is Form 433F accompanied by other forms?
• You can submit the 433-F and Form 9465 (Installment Agreement Request) at the time that you submit your annual federal tax returns.
• If you are requesting an installment agreement and owe more than $50,000 in taxes, you must submit this form with Form 9465 (Installment Agreement Request).
• If you submit both the 433-F and Form 9465, you may choose to make payments by payroll deduction, which requires Form 2159 (Payroll Deduction Agreement.)
• Also, you should attach a copy of your last federal tax return with all schedules and attachments.
• You are also required to attach lists and explanations that detail the totals that you have entered throughout the form, including Schedule C.
When is Form 433 F due?
When an individual has a debt over $50,000 and doubt that they can meet the IRS deadline, they ask if their account can be placed in Currently Not Collectable Status. The IRS reviews this form to consider an installment plan in the collection process. The account is placed on hold until the financial situation is assessed and/or improves. Before the IRS agrees to an Installment Agreement, they will request that the individual submit a 433-F Collection Information Statement form to substantiate the Currently Not Collectable Status request. However, a taxpayer may also include the 433F along with their Form 9465 at the time that they file their annual return.
How do I fill out Form 433 F?
Be as detailed as possible when you fill out Form 433 F, because the IRS returns incomplete forms. Use N/A instead of leaving boxes unfilled when necessary.
1. Fill in the personal and business information that appears before Section A. Include household information, personal information about your spouse and income information for you and your spouse. Include information about your business.
2. In Section A, include all accounts and lines of credit, including business-related accounts and lines of credit.
3. In Section B, include a description and payment information for any real estate that you own or are purchasing. This should include insurance and taxes if they are included in your monthly payments. Determine your equity, by subtracting the balance owed for each piece of real estate from its current market value.
4. In Section C, list all your other assets. This includes boats, cars, and recreational vehicles. Include life insurance policies, antiques, paintings, coin collections, business assets and all details about any significant assets.
5. In Section D, list all credit cards you have, including their limits, balance owed (even if zero) and minimum monthly payments.
6. You must complete Section E, if you or your spouse are self-employed or have self-employed income. List all accounts receivable in E1. If your business accepts any credit cards, complete E2.
7. Provide your current employment information in Section F unless you attach your paystubs. Also, include your spouse’s employment information if applicable.
8. In Section G, list any non-wage household incomes received monthly.
9. In Section H, list all monthly necessary living expenses in the appropriate box in each category. Remember to apply the IRS allowable standard in boxes 1 and 4 or the actual amount if your amount exceeds the standards.
10. Sign and date the form and have your spouse also sign and date the form, if applicable.
11. Attach all the applicable attachments that are listed in the sections. Also, you may want to include supporting documentation for the sections for your current income and state expenditures, because the IRS may review your form and ask for that documentation afterward. Include a copy of the last income tax return filed and all attachments.
Where do I send Form 433 F?
If you are mailing your Form 433-F and Form 9465 with your annual return, mail it to the address designated on your tax booklet. If you already filed your tax return and you are sending this form separately with Form 9465, send it to the following locations addressed to the ‘Internal Revenue Service Center.’ (You may wish to send it by Certified Mail so you have a record of the date it was mailed.)
Use the following mailinga addresses depending on the state in which you live.
- Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, West Virginia, Wisconsin:
Department of the Treasury Internal Revenue Service P.O. Box 69 Stop 811 Memphis, TN 38101–0069
- Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming:
Department of the Treasury Internal Revenue Service P.O. Box 9941 Stop 5500 Ogden, UT 84409
- Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, Vermont:
Department of the Treasury Internal Revenue Service P.O. Box 480 Stop 660 Holtsville, NY 11742–0480
- Delaware, District of Columbia, Florida, Maryland, North Carolina, South Carolina, Virginia:
Department of the Treasury Internal Revenue Service Stop 4–N31.142 Philadelphia, PA 19255–0030
- A foreign country, American Samoa, or Puerto Rico (or are excluding income under Internal Revenue Code section 933), or use an APO or FPO address, or file Form 2555, 2555-EZ, or 4563, or are a dual-status alien or nonpermanent resident of Guam or the U.S. Virgin Islands*:
Department of the Treasury Internal Revenue Service 3651 South I-H 35, 5501AUSC Austin, TX 78741
* Permanent residents of Guam or the U.S. Virgin Islands cannot use Form 9465.