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How to Complete IRS Form 433A, Part I

October 21, 2010

The IRS gets an idea of your Complete Financial Situation by using Form 433-A Collection Information Statement for Wage Earners and Self Employed Individuals. You cannot leave any question blank on this form. Fill in every space so the IRS has a complete picture of your financial situation. This will allow the IRS to work out a fair solution for you.

Section 1: Personal Information

This section requests basic information like your name, phone number, dependent information, and spouse information.

Section 2: Employment Information

You’re required to disclose your employment situation and the employment situation of your spouse. This is all basic information that can be retrieved from your Payroll Office. If you run your own business and have self employment income fill out Section 5 and Section 6 as well.

Section 3: Other Financial Information

Fill out this section completely and include documentation for every section that you answer “Yes” to.

Section 4: Personal Asset Information for All Individuals

This is the meat of Form 433-A. You need to include Bank Account information and total amount of cash within these accounts. You’re also expected to list if you have equity in your home or vehicles, and the Total Amount of Credit you have available.

The IRS wants all of this information so they can determine if any funds or assets can be seized to pay on the debt owed. This information also helps them determine which type of Tax Resolution service you could qualify for.

Section 5 & 6: Business Information & Sole Proprietorship Information

These sections are only for Taxpayers that own their own businesses. If you own your own business, fill out Sections 5 & 6 in their entirety.

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