What is form 433-H
This is a standard form, with which you can request an installment agreement. In other words, this is a relief plan designed by the IRS that allows you to break your tax debt into a series of smaller monthly payments.
What I need the form 433-H for?
You will need to file 433-H in two cases. First, you should have more than $50,000 of unpaid tax debt. Second, if your tax liability cannot be paid in 72 months, then you can also qualify for this kind of relief.
Upon filing, you will need to provide the following info:
- Credit card balance.
- Real estate possessions.
- Everyday living expenses.
- Salary and/or non-wage income.
- The money amount stored in all of your bank accounts.
- Investment details: stock share, precious metals, cryptocurrency, etc.
Besides, the procedure requires you to list other valuable property: cars, recreational vehicles, paintings, rare collectibles, valuable antique items, and so on.
How to fill out form 433-H
First, you need to provide personal info: full name, address, work and home telephone numbers, social security number etc. Plus, if you’re married, you have to provide the same data related to your spouse.
In Part I you specify the total amount of your debt and the payment you can make each moth. It is advised that it should be as large as possible to avoid various extra penalties.
In Part II you will provide all necessary info on your possessions. This includes bank accounts, trusts, individual retirement accounts, timeshares, stocks and commodities, credit cards, automobiles, etc.
Then, in the article G, you will mention your daily household expenses. Among them are gas, parking, insurance, rent, child support, union dues, local taxes, and other costs.
Organizations that work with form 433-H
The 433-H form is issued by the IRS. You can get a blank PDF directly from their website. Or, you can find it on PDFLiner and edit the form online, without having to download or physically print it.
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