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US TAX FORM 433F - US Tax Help Association


I'm Melissa Harrison with US Tax Help Association and I want to give you a little bit of information about some forms that you can use to determine financially what it is you need to do to solve your IRS problem and to give you some direction and some information. The first form that if you call the 800 number and ask to speak with someone with the IRS that they'll probably ask you is to fill out a Form 433F. F as in Frank. So let me show you a little bit about that. If you look right here you'll see the IRS website. Make sure you are on You can search for Form 433.


So you see that.

Now you won’t have to fill this out in every situation but if you do owe enough to justify them getting into your financial situation and if you don't otherwise qualify for a Streamlined Installment Agreement, (we'll talk about that in another section) you will need to do. There are many instances where it will be necessary for you to fill out this form but if you do contact the IRS or for whatever reason you're going to have to give them this financial information because you owe an amount that makes that necessary then this is just to kind of give you some information on that.

You'll see it has a place for your name, address and your social. If you are married you may need your spouse's information as well. Your spouse may or may not be responsible for the tax. It depends on a lot of different factors, such as whether or not you filed a joint tax return, but typically they do still need that information even if your spouse is not responsible because they have to determine how much you have to contribute to the household for living expenses when you're making a determination as to how you can afford to pay back your tax liability, if any.

There are places to put your assets, your lines of credit and accounts, a place to put in your real estate that you own along with current value balance owned in equity.

Now of course if you own a mortgage that's what that's referring to for the balance and for the current value. A very valid, if you don't have a recent appraisal and a lot of people don't, you can use the value assessed with your local tax office where you pay real estate taxes every year in the county where you live, and that's a valid valuation. So say you can get that information from your tax assessor's office and use that value there. Obviously the balance owed taken from the value is going to be the value of any equity that you have. If you have a lot of equity, they're going to want you probably to see if you can borrow against that equity with a bank or a local lender. There may be multiple reasons when you can’t do that and if that's the case you might just have to you know apply for those loans and get written notice of denials of those loans so that they can proceed in either given you a lower installment agreement or maybe you are currently uncollectible status if you're not in a position to make any payment after accounting for all of your valid expenses. They will also ask for a list of your other assets, cars, boats, whole life insurance policies. So you will want to get that together.

It also asks for your credit card information. Typically speaking the payments on your credit card are what they consider an allowable expense even though you have to pay them. Of course the IRS considers themself to be ahead of that. So when they're figuring whether you can afford to pay, it's not going to be an excuse that I would have a thousand dollars a month left but I'm paying into these credit cards. Chances are they're going to opt for that amount to go to them. You know barring any special circumstances, that will be the case. So just be aware of that.

It’ll ask if you're a business owner, any accounts receivable owed you or your business and some more information about where you work, how you're paid and then you get here and it asks for necessary living expenses. You’ll see other items for food, personal care, transportation housing and utilities medical and other things like the minimum payments for your student loans any local state taxes retirement child dependent care on include things like if you have an order saying that you have a child or obviously they're going to need to take the necessary steps to make those payments.

They understand that any Court ordered payments obviously you have to make. They will allow for reasonable amount for term life insurance. Of course if you are actually paying any current tax liability, the estimated tax that is obviously allowable. You just need to be sure that you're actually paying, if that is the case, or they won't allow that. Now, to give you an example, just so you can kind of see they actually allow they have a list of what they call allowable expenses that they update pretty regularly.

You can search allowable expenses and you will see there what you can get if you're trying to do that. Look under collection financial standards. You'll see that you can do that a lot of different ways. Of course you'll pull up here, you'll go through and you'll see that they have got national standards for food, clothing and other items.

If you click on that, you'll see that they have for one person broken down for food, housekeeping supplies, apparel and services, personal care and services and miscellaneous for one person that amount is $639, for two people it is $1,132, for three people $1,317 and for four people $1,650.

If you have more than four people in your household that you can claim as dependents you get $325 for each additional person and that is just for those listed items. Now that's an amount that you know the IRS has said “hey, up to this amount this is a reasonable allowable expenses and we're not going to question that. We don't need documentation on that. We just know and understand that a family of this size needs at least this amount to cover these items” and they're going to allow that without any question up to that amount.

If you can go back to where we were before, you can read some of the other items because there are other things there, other things such as housing and utilities.

Now you can see they've got that broken down by state. Obviously, if you live in California, your housing expenses are going to be different than if you live in Tennessee or Mississippi. There’s just a difference in regional cost. Let's just use as an example New Jersey. You can see the breakdown by county for housing and utilities for a family of one in Atlantic County $1,838. They would accept without question and wouldn't even typically request documentation for housing and utilities. For a family of five or more that would be $2,578 and then that varies as you can see depending on county and that's the case for every state in every county. You will be able to go through that process if you go to that list there and you'll be able to find the amount that you would be allowed. You can also click on the standards for transportation, another expense you will put in that section or any of the financial forms that you have to fill out.

Now if you own a car and if you're in a region that you can drive, they give you the breakdown for operating expenses and ownership expenses. Ownership expenses refer to lease or automobile payments. So for instance you see they'll allow for one vehicle $485 a month, for two vehicles $970 but if you own your car free and clear or you're not leasing, you don't have some sort of a payment for ownership or leasing, then you don't get the benefit of that expense.

They only give you that if you do have a car payment or a lease payment. Operating costs refers to gasoline and taking care of your car. You can see for instance in the Northeast region it runs in the $250 range for one car, in Philadelphia it goes up. If you look at the metro area that you are nearest for two cars that it is almost doubled. In the southern region, like if you're in Atlanta for one car $229 for two vehicles they give you an operating allowance of $458. Again that's just something that do through their research and they have said we're going to allow this. So if you have vehicle payments and drive you're going to want to use that.

If you look through here, it tells you a little bit more information about these things.

You can also get a national public transportation expense if you live in an urban area and use a subway or bus fare. They allow $199 for that as you can see and they give a little bit more information on that, but that's only going to be for people who don't own a vehicle expenses. You may be allowed for both if there's a particular reason that you need that as you can see for the health and welfare of the taxpayer. Typically you know it's going to be one or the other but there may be some situations where that's not the case. Now to have an elaborate spends per person for out-of-pocket health care.

Now they also have an out of pocket health expense. This this can be a really important area if you're having to work out a payment plan with them and you're getting into your financials. If you're under 65, they’re just going to give every person in your household $49 out-of-pocket per month. If you're 65 or older that's going to be you know a larger amount of $117. However a lot of people have to pay more than that. Younger than 65 or older than 65, that's going to be allowable. You're just going to have to be able to verify that you're making that payment. For instance if you've got $500 that you're paying for prescription drug costs every month for your household, you can verify that with a print out from your pharmacy or from your checking account or credit card statement, however you're paying back your receipt.

You can verify that they are going to allow a medical expense as long as you can verify that expense. If you can't verify, you're going to be capped out at these out-of-pocket averages that they come up with for standard care.

So that's just a little bit of information and that's a really the most important part for people when they're filling out a Form 433. That's usually the area that you know if they're not fully good or not fully informed and aware of what's going on, that they might do themselves a disservice by not fully considering all of the expenses that they have available and that are actually allowable if they report them and if they document them. They will ask you typically for three months of bank statements if you have statements as well as supporting paystubs. So usually as your submitting these forms know that they are going to ask you for the information to verify that. So be prepared for that. As I mentioned in other sections, if you need some help or are not in a position to hire help, then you might want to consider contacting the taxpayer advocate. You can find them by searching online for the taxpayer advocate on the IRS website and they can act as a liaison. They're not going to complete all of this for you but if you need help, they can be helpful in that regard if you need that. That's just a little bit of information on filling out those financial forms to help you. We'll talk about some others in other segments and I hope that you find that helpful as well.

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