Accounting, Tax, IRS & Marijuana

Basic Tips To Completing IRS Form 433-F

Form 433-F is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability.  

It is always advisable to use a tax professional to help you resolve your tax liability with the IRS. If you are going to try and complete the Form 433-F on your own, however, you can should follow some basic tips:

1. You should complete every line. 2. Answer all of the questions. Write “none” or “not applicable (n/a)” in cases where it does not apply to you. 3. You should have all of the documents ready to be faxed to the IRS. Do not call them until you have those documents ready. 4. Make sure you have bank statements, pay stubs and all supporting documentation for any expenses for IRS audit purposes. 5. After the IRS tells you they need managerial approval to close your case, make sure you contact them back or your case will most likely still be open in the system. Do not assume the case will fix itself.


Some other key notes:

The IRS will ask you for the last three months income statement or pay stubs. However, many times this could have been your largest relative increase in income. In that case, send them the entire year (or past 6 months, at least) if that lowers your average income. Use the lowest period of income to prove your case.

If you are going through a time of extraordinary difficulty, the 433-F does not ask for that part of the documentation, but send you can send it to them as part of the Form 433-F package. 

Show past medical bills and/or other debt(s) that you have. Remember, show via the documents, your situation. 

If you need help with filing your Form 433-F, contact us today.