IRS Form 433-F is a financial disclosure form used by taxpayers to provide the IRS with a snapshot of their income, expenses, assets, and liabilities when they are seeking certain collection alternatives, such as an Installment Agreement or Currently Not Collectible (CNC) status. The form is shorter and simpler than Form 433-A and is typically used for taxpayers with more straightforward financial situations.
The IRS requires detailed financial information, such as:
- Income sources: Including wages, self-employment, or benefits.
- Assets: Bank accounts, real estate, vehicles, and other valuable property.
- Monthly living expenses: Housing, food, transportation, and utilities.
- Debts: Credit card balances, loans, and other financial obligations.
The IRS uses this information to determine the taxpayer’s ability to pay their tax debt and whether they qualify for payment plans or other relief. Form 433-F is often required when applying for a Partial Payment Installment Agreement (PPIA), which allows taxpayers to make reduced payments over time.
Completing this form accurately is important, as any discrepancies may delay the approval of collection alternatives or trigger additional scrutiny from the IRS.