Form 433-A: Collection Information Statement for Individuals

Form 433-A is generally used to provide individual financial information when reviewing certain federal tax liabilities and collection matters.

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Introduction

Form 433-A, Collection Information Statement for Individuals, is generally used to provide financial information about an individual taxpayer. The form collects information about income, expenses, assets, liabilities, employment, and other financial matters.

This guide provides general information about Form 433-A, including who may use the form, the information commonly needed, and the basic process for completing it. The information is intended to provide a simple overview of Form 433-A and its general purpose.

What Is Form 433-A?

Form 433-A is generally used to provide financial information about an individual taxpayer when financial information is needed for certain federal tax collection matters. The form provides a general overview of the taxpayer’s financial situation.

Form 433-A generally includes information about personal and household finances, employment, income, expenses, assets, liabilities, and other applicable financial information. The specific information required can depend on the taxpayer’s circumstances and the purpose of the financial statement.

Who Uses Form 433-A?

Form 433-A is generally used by individual taxpayers who are required to provide financial information in connection with certain federal tax collection matters.

The form may be used when financial information is needed to evaluate a taxpayer’s ability to pay federal tax liabilities or determine an appropriate collection arrangement. The applicable requirements can depend on the taxpayer’s financial circumstances, tax liabilities, income, assets, expenses, and other factors.

What Information Is Needed?

The information needed to complete Form 433-A generally comes from the taxpayer’s personal financial records, employment records, bank statements, investment records, property records, loan records, tax records, and other supporting documentation. Accurate information can help provide a complete picture of the taxpayer’s financial situation.

Common information includes:

Individual taxpayer name
Address
Social Security number or other taxpayer identification number
Marital status
Household information
Employment information
Employer information
Monthly income
Other income
Monthly living expenses
Bank accounts
Investment accounts
Real estate
Vehicles
Personal assets
Retirement accounts
Business interests when applicable
Loans and other liabilities
Credit obligations
Tax liabilities
Supporting financial and tax records

The specific information required may depend on the taxpayer’s financial situation, household circumstances, assets, income, expenses, liabilities, and the purpose of the financial statement.

How to Fill Out/Complete Form 433-A

Form 433-A is generally completed by gathering the individual’s financial information, entering personal and employment information, reporting income and expenses, identifying assets and liabilities, completing applicable financial sections, and reviewing the form before submission.

The basic process is to gather current financial records, enter personal information, report employment and income, list expenses, identify assets and liabilities, provide applicable supporting documentation, complete the required certification and signature, and review the completed form before submitting it. Taxpayers should retain a copy of the completed form and supporting records.

Section 1

Enter the taxpayer’s personal information. This generally includes the individual’s name, address, Social Security number or other taxpayer identification number, marital status, and other applicable information.

The information should generally agree with the taxpayer’s personal and tax records. Taxpayers should review the information carefully before continuing with the financial sections.

Section 2

Enter applicable household and personal information. This may include information about the taxpayer’s spouse, dependents, household members, and other applicable circumstances.

The information should generally reflect the taxpayer’s current household situation. Taxpayers should review household information carefully to help ensure that the financial statement is complete.

Section 3

Enter applicable employment information. This generally includes the taxpayer’s employer, employment status, occupation, length of employment, and other applicable employment information.

The employment information should generally be current and consistent with the taxpayer’s employment and income records. Supporting employment documentation should generally be retained.

Section 4

Report the taxpayer’s income. This generally includes wages, salaries, self-employment income, retirement income, investment income, and other applicable sources of income.

The amounts reported should generally be supported by pay records, bank statements, business records, tax records, or other applicable documentation. Taxpayers should include applicable income information required for the financial statement.

Section 5

Report the taxpayer’s monthly living expenses. This generally includes applicable housing, utilities, transportation, food, health care, insurance, and other household expenses.

The expenses reported should generally be based on the taxpayer’s financial records and applicable circumstances. Taxpayers should maintain records supporting the amounts reported.

Section 6

Report the taxpayer’s bank accounts and other financial accounts. This may include checking accounts, savings accounts, investment accounts, retirement accounts, and other applicable financial accounts.

The account information should generally be accurate and supported by current financial statements or account records. Taxpayers should review account balances and other information before submitting the form.

Section 7

Report applicable real estate and other property. This generally includes homes, land, rental property, or other real property owned by the taxpayer.

The taxpayer should generally provide applicable ownership and value information based on available records. Supporting property records, loan information, and other documentation should generally be retained.

Section 8

Report vehicles and other personal assets. This may include automobiles, recreational vehicles, valuable personal property, and other applicable assets.

The information should generally reflect the taxpayer’s applicable ownership and financial records. Taxpayers should review asset information carefully and retain supporting documentation.

Section 9

Report applicable business interests and self-employment information. This may include ownership interests, business assets, business income, business expenses, and other applicable financial information.

Business information should generally be supported by accounting records, financial statements, bank records, tax records, and other applicable documentation. Taxpayers should ensure that personal and business information is properly identified.

Section 10

Report the taxpayer’s liabilities and debts. This generally includes mortgages, vehicle loans, credit accounts, personal loans, tax liabilities, and other applicable obligations.

The amounts reported should generally be supported by current account statements, loan records, and other financial documentation. Taxpayers should review outstanding balances and payment information for accuracy.

Section 11

Review the taxpayer’s overall financial information and applicable calculations. This generally involves considering the taxpayer’s income, expenses, assets, liabilities, and other financial information reported on the form.

The financial information should generally be consistent throughout Form 433-A and related documentation. Differences between sections or supporting records should be reviewed before submission.

Section 12

Complete the applicable certification and signature information. The taxpayer generally certifies that the financial information provided is accurate and complete to the best of the taxpayer’s knowledge.

The taxpayer should review the entire form before signing. The signature and date should be completed as required before Form 433-A is submitted.

Final Review

Review Form 433-A after completing all applicable sections. Check the taxpayer information, household information, employment information, income, expenses, bank accounts, investments, real estate, vehicles, other assets, liabilities, financial calculations, supporting records, certification, and signature.

A final review can help identify incorrect or incomplete information before the form is submitted. Taxpayers should retain Form 433-A, supporting financial records, tax records, bank statements, asset records, liability records, and other documentation associated with the financial statement.

Common Mistakes

Common Form 433-A mistakes may include entering incorrect personal information, reporting incomplete income, or providing inaccurate expense information. Errors involving bank accounts, investments, real estate, vehicles, retirement accounts, or other assets can also affect the financial information provided.

Other mistakes may include failing to report applicable liabilities, using unsupported financial amounts, providing inconsistent information, overlooking applicable income or assets, leaving required sections incomplete, failing to provide supporting documentation, or submitting the form without reviewing it. Comparing Form 433-A with current financial, tax, accounting, and account records can help identify potential errors.

Related IRS Forms

Taxpayers may encounter other federal tax forms when providing financial information, addressing federal tax liabilities, requesting payment arrangements, or participating in tax collection matters.

Common related forms include:

Form 433-A (OIC) for certain individual financial information associated with an offer in compromise
Form 433-B (OIC) for certain business financial information associated with an offer in compromise
Form 433-F for certain collection financial information
Form 656 for making an offer in compromise
Form 656-B (OIC) for information and forms associated with an offer in compromise
Form 9465 for requesting an installment payment arrangement
Form 8821 for authorizing the release of tax information to a designated person
Form 2848 for certain powers of attorney and representative authorization
Form 4506-T for requesting a transcript of a tax return or other tax information

The appropriate form depends on the taxpayer’s circumstances, financial situation, tax liabilities, and applicable tax collection or resolution process.

Where to File or Submit

Form 433-A is generally submitted according to the applicable federal tax collection requirements and the purpose for which the financial statement is being requested. The appropriate submission process can depend on the taxpayer’s circumstances, tax liabilities, financial information, and collection matter.

Taxpayers should review the applicable submission requirements before submitting Form 433-A. A copy of the completed form, supporting financial records, tax records, bank statements, asset records, and liability records should generally be retained for the taxpayer’s files.

Current IRS Form & Instructions

Taxpayers should use the applicable version of Form 433-A and its instructions when preparing a collection information statement. Federal forms, requirements, and procedures can change, so the version used should correspond with the applicable request and circumstances.

Before submitting Form 433-A, review the form and applicable instructions and confirm that the personal information, household information, employment information, income, expenses, assets, liabilities, supporting records, certification, and signature are accurate. This can help reduce errors in the financial statement.

Important Information / Disclaimer

This Form 433-A guide is provided for general informational purposes only and is intended to provide a basic overview of Form 433-A and common information associated with providing individual financial information for certain federal tax collection matters. This information is not tax, legal, accounting, or financial advice, and Form 433-A requirements can vary depending on the taxpayer, tax liabilities, financial circumstances, assets, income, expenses, and other applicable circumstances.

Taxpayers are responsible for determining their applicable filing, payment, financial disclosure, recordkeeping, and tax collection requirements. The information on this page may not cover every situation, exception, or special rule that may apply. When appropriate, taxpayers should consider seeking assistance from a qualified tax professional, attorney, enrolled agent, certified public accountant, or other qualified advisor regarding their specific tax situation or Form 433-A requirements.