Overview

Form 433-F (Collection Information Statement) asks for a snapshot of your financial life so the IRS can assess whether you can pay a tax debt now, over time, or not at all. The IRS uses the data to set monthly payment amounts, decide if a taxpayer qualifies as Currently Not Collectible (CNC), and to evaluate collection alternatives. (See IRS: About Form 433-F: https://www.irs.gov/forms-pubs/about-form-433-f)

When to use Form 433-F

  • You’ve received a collection notice and the IRS requests a financial statement.
  • You want an installment agreement but owe more than the amounts allowed for streamlined online setup.
  • You seek CNC status or need the IRS to re-evaluate an existing agreement after a major income change.

What the form collects

  • Monthly and annual income (pay stubs, business receipts, Social Security, unemployment).
  • Fixed and variable monthly expenses (housing, utilities, transportation, medical costs).
  • Assets and liabilities (bank accounts, retirement accounts, vehicles, mortgages, other loans).
  • Dependents and special circumstances that affect ability to pay.

Documentation checklist (bring these when you file)

  • Recent pay stubs or profit/loss statements if self-employed.
  • Bank statements (last 2–3 months).
  • Mortgage/rent and utility bills.
  • Medical bills and payment plans.
  • Statements for retirement accounts and loan balances.
  • Any written offers, termination notices, or other evidence of changed circumstances.

How to fill Form 433-F effectively

  1. Gather documentation first — don’t estimate without support.
  2. Complete every line that applies; use zeros where a section doesn’t apply.
  3. Attach clear, labeled copies of supporting documents; include a one-page cover letter summarizing the hardship and the dates it began.
  4. If you’re self-employed, supply a recent profit-and-loss statement and a business bank statement.
  5. Sign and date the form; keep copies for your records.

Practical tips from my experience

  • In my practice as a CPA and CFP®, I’ve found that a one-page narrative describing the hardship (job loss, medical emergency, drop in self-employment revenue) plus three months of bank statements accelerates review and reduces follow-up requests.
  • Be conservative but honest about expenses. Inflating costs can trigger audits or denial.
  • If you expect an improvement in income soon, state the timing and provide evidence (e.g., job offer letter). That helps the IRS design a temporary plan.

What happens after submission

  • The IRS reviews the submission and may contact you for more documents or explanations.
  • For installment agreements, the IRS will calculate a reasonable monthly payment based on allowable expenses and assets. See related guidance on setting up a payment plan: setting up an affordable installment agreement with the IRS.
  • If your situation is severe, the IRS may place the account in CNC status until your financial condition improves.

Common mistakes to avoid

  • Omitting bank accounts, side income, or assets.
  • Using rough estimates instead of current statements.
  • Failing to include required supporting documents.
  • Ignoring requests from the IRS for additional information — delays may result in enforcement actions.

Timeline and response expectations

There’s no fixed processing window; typical reviews take several weeks but can be longer if the IRS requests more documentation. If you need faster relief (for example, to stop a levy), contact the IRS immediately and ask to speak with a collection representative.

When Form 433-F is not enough

The IRS sometimes requests different forms depending on the case (for example, Offer in Compromise often requires specific OIC forms). If the IRS asks for a different collection statement, complete the requested version. For help preparing your financial statement for collection options, see our guide: how to prepare a financial statement for installment agreement applications.

When to get professional help

If your finances are complex — multiple income sources, business losses, or large asset portfolios — a tax professional or attorney can package the 433-F with supporting documents and negotiate with the IRS on your behalf. In my experience, representation reduces errors and shortens collection timelines.

Authoritative sources

Disclaimer

This entry is educational and does not constitute tax advice. For guidance tailored to your situation, consult a licensed CPA, enrolled agent, or tax attorney.