Form 433-F, the Collection Information Statement, is the form the IRS uses to get a current picture of your finances when you owe tax you can't pay in full. It lists your accounts, investments, digital assets, property, debts, income and monthly living expenses, so the IRS can decide how a wage earner or self-employed person can pay the balance, for example through an installment agreement.
You'll usually be sent Form 433-F after asking for a payment plan or replying to a collection notice. It's shorter than the full Form 433-A, but it still asks for everything, and what you put on it shapes the monthly payment the IRS will accept. Everything here comes from the July 2024 revision of Form 433-F and its instructions.
Before you fill it in: you may not need it
The instructions open with a shortcut: you may be able to set up an Online Payment Agreement on the IRS website instead, under 'I need to pay my taxes' and then 'Installment Agreement'. If you're asking for an installment agreement on paper, send Form 9465 with Form 433-F. The IRS also notes that a large down payment may streamline the process, pay the balance faster and reduce penalties and interest.
What each section asks for
| Section | What to list | Detail the IRS wants |
|---|---|---|
| A. Accounts / lines of credit | Checking, savings, online and mobile accounts such as PayPal, market-rate deposit accounts, investments and digital assets | Every account, even with a zero balance; not bank loans |
| B. Real estate | Home, holiday property, timeshares, land | Current value minus what you owe = equity |
| C. Other assets | Cars, boats, whole life insurance, collections, business tools, domain names, patents | Write 'lease' for a leased vehicle |
| D. Credit cards | All cards and lines of credit | Even with no balance owed |
| E. Business information | Accounts receivable, card or digital payment processors | Includes self-employment income from online sales |
| F. Employment | Wage earners' employer details | A current pay stub can replace this section |
| G. Non-wage income | Self-employment, rental, pensions, K-1 distributions, gambling and other income | Monthly figures; a loss is entered as 0 |
| H. Monthly living expenses | Food, housing, transport, medical, childcare, taxes and more | IRS standards or your actual cost |
Digital assets get their own table: the type of coin, the exchange or wallet, the email address used to set it up, where it's held and the US dollar value as of the day you complete the form.
Income: what counts and what doesn't
Net self-employment income is what you earn after ordinary and necessary business expenses, and it should match the yearly profit on your Schedule C or a current-year profit and loss statement, which you attach. Net rental income should relate to your Schedule E. Depreciation is left out of both, because the IRS only uses cash expenses to judge your ability to pay.
Expenses: the IRS standards
For food and personal care and for medical costs, you enter the IRS allowable standard for your family size, or your actual cost if it's higher. If you claim more than the standard, expect to prove it once the IRS has done its analysis. The standards are published on the IRS Collection Financial Standards page.
- Housing and utilities: only the utilities, taxes and insurance not already in your mortgage or rent. Mortgage payments go in section B, not under rent.
- Transportation: maintenance, repairs, insurance, fuel, registration, licences, inspections, parking and tolls for one month.
- Estimated tax payments: the quarterly amount from your Form 1040-ES divided by 3.
- Life insurance: term life only. Whole life has a cash value and goes in section C as an asset.
- Student loans: minimum payments on federally guaranteed loans for your own post-secondary education.
- Miscellaneous: capped at the standard for your family size, covering things like card payments, bank fees and school supplies.
Converting bills to monthly amounts
Every expense on the form is monthly. The instructions give the conversion for bills paid on other schedules:
| If a bill is paid | Work out the monthly amount by |
|---|---|
| Quarterly | Dividing by 3 |
| Weekly | Multiplying by 4.3 |
| Biweekly (every two weeks) | Multiplying by 2.17 |
| Semimonthly (twice a month) | Multiplying by 2 |
Common reasons the IRS comes back with questions
- An account left off because it was empty. The instructions want every account, including ones with no balance.
- A mortgage payment entered as rent. It belongs in section B with the property.
- Whole life insurance listed as an expense. It's an asset with a cash value, so it goes in section C.
- Expenses above the standard with no proof ready. Have statements to hand before you post the form.
After you send it
Keep a copy of the form and your supporting documents. The IRS may contact you for more information, such as proof of income or of the expenses you claimed: pay statements, bank and investment statements, loan statements and recurring bills. If you can't reach the IRS website to check the standards, itemise your actual expenses and the IRS will ask for proof if it needs it. If the form is too small for everything, use extra sheets.
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The verdict
Try the online payment agreement first; if you end up with Form 433-F, be complete rather than clever. List every account even if it's empty, use the IRS standards where they're higher than your real costs, convert every bill to monthly, and attach your Schedule C or profit and loss if you're self-employed. A tidy, consistent form is the fastest route to an agreement you can afford.
Frequently asked questions
What is Form 433-F used for?
It gives the IRS your current financial information so it can decide how a wage earner or self-employed person can pay an outstanding tax debt.
Do I need Form 433-F for an installment agreement?
Not always. You may be able to set up an Online Payment Agreement on the IRS website instead. On paper, send Form 9465 with Form 433-F.
Should I list bank accounts with no balance?
Yes. The instructions say to list all accounts, even if they currently have no balance.
How do I convert weekly bills for Form 433-F?
Multiply weekly bills by 4.3, biweekly by 2.17 and semimonthly by 2, and divide quarterly bills by 3.
