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Screen 433 - Collection Information Statement (1040)

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Overview

Use this screen to enter information for the applicable collection information statement from the Form 433 series.

General Information

Enter information in this section to complete the general and employment information for the Form 433 series.

T, S, J

Enter T
, S
, or J
to indicate whether the person filing the Form 433 is the taxpayer or spouse, or if it is being filed jointly.

note

Data entry is required in this field to calculate any Forms 433 or 656.

Type of Collection Information Statement

Enter the appropriate code to indicate the type of collection statement required.

Code	Description
1	Calculates Form 433-A
2	Calculates Forms 656 and 433-A (OIC)
3	Calculates Form 433-F

note

Data entry is required in this field to calculate any Forms 433 or 656.

Home/Mailing address

The address on the 1040 screen displays on Forms 433 and 656 by default. Enter 1
to display the address on the 433 screen as the primary address on Forms 433 and 656. Enter 2
to continue the default behavior, but to display the address on the 433 screen as the mailing address on Forms 433-A (OIC) and 656. When 2
is entered in this field, the Form 433 filing instructions and tax authority slipsheet will display the address on the 433 screen.

County of residence code/name

Enter a code for the County, Borough, Census Area, Municipality, or Parish where the primary residence is located from the fieldview. The County name displays based on the code selected.

note

This field is used to determine the IRS Financial Standards for housing / utilities and vehicle operating costs. See the IRS Financial Standards data entry section for further details.

Primary residence owned, rented, or other living arrangements

Code	Description
B	The primary residence is owned
R	The primary residence is rented
O	Other living arrangements. Use the Other Living Arrangements statement attached to this field to enter a description of these alternative living arrangements.

note

These fields are only used for Form 433-A (OIC).

Contact number(s)

Use this statement to enter all contact numbers for the client. The information that follows describes the columns that appear in the attached statement.

TS:
Enter T
or S
to indicate whether the contact number is associated with the taxpayer or spouse.

Code:
From the fieldview, enter the code that best describes the contact number you are entering. The code determines where the contact number displays on Form 433.

Code	Description
1	Home (433-A/-F)/Primary (433-A (OIC)) Phone
2	Cell (433-A/-F)/Secondary (433-A (OIC)) Phone
3	Fax Number (433-A (OIC))
4	Business (433-A/-A (OIC))/Work (433-F) Phone
5	Business Cell Phone (433-A)

note

For each code you enter, UltraTax CS displays only the first row with that code on the corresponding Form 433.

Contact Number:
Enter the contact number.

Authorize IRS to leave message:
When this field is marked, the IRS is authorized to contact you at the phone number listed and leave a detailed message.

Dependents

Use this statement to enter information about each dependent, including the dependent's Social Security number, first name, last name, complete date of birth, and relationship to the taxpayer / spouse. Also use this section to indicate whether the dependent is claimed on Form 1040 and contributes to household income.

SSN:
Select the dependent's Social Security number from the fieldview.

note

When the Require a password to display SSNs
box is marked in the Setup, Security, and then Security Configuration tab, the Social Security number will display as "###-##-####." For more information about masking Social Security numbers, see Masking SSNs for 1040 clients with preparers outside the U.S.

The Social Security numbers of the spouse and dependents entered on the 1040 screen are available in the fieldview.

First Name / Last Name:
The first and last names of the dependent are automatically entered based on the chosen Social Security number.

Date of Birth:
Enter the complete date of birth (MM/DD/YYYY). The date in this field is used to determine the current age.

Current Age:
The age of a dependent calculates based upon the date of birth entered for the dependent. Current Age is calculated as of the current system date. This field is used to display on Forms 433.

Relationship:
From the fieldview, select the dependent's relationship to the taxpayer.

Claimed on Form 1040?:
Enter X
to indicate the dependent is claimed on Form 1040 (or equivalent form).

note

This column is only used for Form 433-A (OIC).

Contributes to HH Income?:
Enter X
to indicate the dependent contributes to household income.

note

This column is only used for Form 433-A (OIC).

Enter the amount contributed to household income monthly in the Additional household support
statement.

Do Not Report on Form 433:
Enter X
to indicate that the dependent should be included in the IRS Financial Standard computation for the household on the Collection Information Worksheet only
when the Form 433 filer has a non-liable spouse. All dependents with an X
in this column are not reported on Form 433-A/433-A (OIC)/433-F, Page 1.

Driver's license number/state

Enter the driver's license number for taxpayer / spouse. Also choose the applicable two-character code from the fieldview for the state in which the driver's license was issued.

note

If the driver's license number and state have already been entered in the IDAuth screen, they will automatically enter here.

Employer information

Use this statement to enter information about the employer(s) of the taxpayer / spouse.

W2 Unit:
Select the employer from the custom fieldview for this field for which you want to share information entered on the W2 screen. Leave this field blank if you want to enter information for an employer not entered on the W2 screen.

TS:
Enter T
or S
to indicate whether the taxpayer or spouse works for the employer.

Employer Name:
The name of the employer is automatically entered based on the selection in the W2 Unit
field.

Contact at Work?:
Enter 1
if the employer allows contacting the taxpayer / spouse at work, or 2
if the employer disallows contact at work.

note

This column is only used for Form 433-A.

Years / Months at Employer:
Enter the total period in years and months that the taxpayer / spouse has worked at the employer. For example, if the period is 1.5 years, enter 1
year and 6
months.

Occupation:
Enter the occupation of the taxpayer / spouse at the employer.

W-4 W/H Allowances:
Enter the amount of withholding allowances claimed by the taxpayer / spouse on Form W-4 with the employer.

note

This column is only used for Form 433-A.

If the return has not been printed, then a preview is necessary for UltraTax CS to automatically enter based on the chosen W2 Unit. If any changes are made to Form W-4 following a preview, preview the return again to ensure the updated data is correctly entered.

Pay Period:
From the fieldview, select the employer's pay period.

Applicable Bus Interest:
If the taxpayer / spouse has interest in the employer's business, enter the applicable code for the type of interest.

note

This column is only used for Form 433-A (OIC).

Other Information

Use this section to enter other financial information for the Form 433 series.

Currently or has been party to a lawsuit

Use this statement to enter information about lawsuits to which the client has been party.

Code:
Enter 1
if the client is / was the plaintiff of the lawsuit, or 2
if the client is / was the defendant.

Completion Date:
Enter the date when the lawsuit was completed. If the lawsuit is ongoing, enter the possible completion date.

note

This statement is not used for Form 433-F.

Ever filed bankruptcy?

Use this statement to enter information about the bankruptcy status of the client.

Case Result:
Enter 1
if the case was dismissed, or 2
if the case was discharged.

Date Dismissed/Discharged:
Enter the date the bankruptcy was dismissed / discharged.

note

If the date entered is the current date or a future date and Form 433-A (OIC) is calculating, a critical diagnostic is issued indicating that the client is not eligible for the Offer in Compromise program.

This statement is not used for Form 433-F.

Lived outside U.S. for greater than six months in past ten years?

Use this statement to enter the periods in which the client lived outside the United States for greater than six months over the previous ten years.

note

This statement is not used for Form 433-F.

Relationship with trust, estate, and/or life insurance policy?

Use this statement to enter information regarding the client's relationship with entities like trusts, estates, or life insurance policies.

Code:
Enter 1
if the client is a beneficiary of a trust, estate, or life insurance policy, or 2
if the client is a trustee, fiduciary, or contributor of a trust.

note

The code selected will determine the reporting on Form 433-A, Section 3 and Form 433-A (OIC), Section 9.

Trust/Estate/Policy Name:
Enter the name of the trust, estate, or life insurance policy.

note

This statement is not used for Form 433-F.

Have a safe deposit box and/or funds held by third party?

Use this statement to enter information about funds being held by a third party in a safe deposit box or other capacity.

note

This statement is not used for Form 433-F.

Transfer assets for less than FMV in past ten years?

Use this statement to describe transactions wherein the client transferred assets for less than their full value over the previous ten years.

note

This statement is not used for Form 433-F.

General Form 433 statement

Enter information in this statement to describe any further details or explanations on Forms 433-A, 433-A (OIC), or 433-F. This statement prints as the first of any attached statements dialog on the applicable Form 433.

Assets

Enter information in this section to complete the information for assets with cash value, secured loans, and available equity. Also enter information about credit cards here.

Transfer secured debt information to income/expense fields

Enter X
to transfer the monthly payment information in the Assets section to the applicable Income
and Expenses
fields in this screen and the 433-2 screen. If the return has not been printed since the data was entered in the Assets section, then you must preview the return. If changes are made to the return after the preview, preview the return again to verify that the updated data transferred correctly.

note

When you enter

in this field, the amounts in the

Housing and utilities

Vehicle ownership costs

Life Insurance

, and

Other expenses

fields are overwritten.

Cash and bank accounts

Use this statement to enter information about bank and online accounts as well as cash on hand.

Institution Name:
Enter the full name of the bank, savings & loan, credit union, or financial institution.

Date of Balance:
Enter the date on which the balance of the account was entered.

note

This column is only used for Form 433-A.

Business Account?:
Enter X
to indicate that the account or cash is for business purposes.

Investment/retirement accounts

Use this statement to enter information about investment and retirement accounts.

Institution Name:
Enter the full name of the financial institution managing the account.

Quick Sale Value:
The QSV for investment and retirement accounts calculates at 80% of Current Value
.

note

This field is only used for Form 433-A (OIC).

Equity:
Equity calculates as Current Value - Loan Balance
, but not less than zero.

note

This column is only used for Form 433-A.

Net Realizable Equity:
The NRE calculates as Quick Sale Value - Loan Balance
, but not less than zero.

note

This field is only used for Form 433-A (OIC).

Date of Balance:
Enter the date on which the loan balance of the account was entered.

note

This column is only used for Form 433-A.

Credit card accounts

Use this statement to enter information about credit card accounts.

Credit Card Type:
Enter the type of credit card. For example, "Visa" or "MasterCard."

note

This column is only used for Form 433-F.

Institution Name:
Enter the full name of the bank or credit institution that issued the credit card.

note

This column is used only for Form 433-A.

Available Credit:
Available credit calculates as Credit Limit - Balance Owed
, but not less than zero.

Date of Balance:
Enter the date on which the amount owed and available credit on the account was entered.

note

This column is only used for Form 433-A.

Minimum Monthly Pmt:
Enter the minimum monthly payment on the account.

note

This column is only used for Form 433-F.

note

This statement is not used for Form 433-A (OIC).

Life insurance policies

Use this statement to enter information about life insurance policies with cash value.

Company City:
Enter the city name.

note

The Company Address
, Company City
, Company State
, and Company Zip
columns are only used for Form 433-A.

Policy Number(s):
Enter the policy number or numbers.

note

This column is only used for Form 433-F.

Owner of Policy:
Enter the owner of the policy.

note

This column is only used for Form 433-A.

Year Purchased:
Enter the year the policy was originally purchased.

note

This column is only used for Form 433-F.

Loan Balance:
Enter the current outstanding loan balance against the policy.

Monthly Payment:
Enter the monthly payment for the policy

note

This column is used only for Form 433-F.

When you enter X
in the Transfer tax return and secured debt information
field, data entry in this column is transferred to the Life Insurance
statement and coded 1
.

Available Cash:
Available cash calculates as Current Cash Value - Loan Balance
, but not less than zero.

Real estate

Use this statement to enter information about real property owned or in the process of being purchased.

County Code / County Name:
Enter a code for the County, Borough, Census Area, Municipality, or Parish where the real property is located from the fieldview. The County name displays based upon the code selected.

How is Title Held?
Enter how the title of the real property is held.

note

This column is used only for Form F33-A (OIC).

Primary Residence?:
Enter 1
if the real property is the primary residence of the client, or 2
if the real property is not the primary residence.

note

This column is not used for Form 433-A.

Purchase Price:
Enter the price for which the real property was originally purchased.

note

This column is only used for Form 433-F.

Refinance Date:
Enter the date of refinancing.

note

This column is only used for Form 433-F.

Refinance Amount:
Enter the amount of the refinanced loan.

note

This column is only used for Form 433-F.

Current FMV:
Enter the current fair market value of the real property.

Quick Sale Value:
The QSV calculates at 80% of Current FMV
.

note

This field is only used for Form 433-A (OIC).

Monthly Payment:
Enter the monthly mortgage payment for the real property.

note

When an X
is entered in the Transfer tax return and secured debt information
field, data entry in this column is transferred to the Housing and utilities statement and coded 1
for the first primary residence entered.

Refinance Monthly Pmt:
Enter the monthly payment towards the refinanced loan.

note

This column is only used for Form 433-F.

When you enter X
in the Transfer tax return and secured debt information
field, data entry in this column is transferred to the Housing and utilities statement and coded 1
.

Date of Final Pmt:
Enter the date the final monthly mortgage payment is/was due.

Equity:
Equity calculates as Current FMV - Loan Balance
, but not less than zero.

note

This column is not used for Form 433-A (OIC).

Net Realizable Equity:
The NRE calculates as Quick Sale Value - Loan Balance
, but not less than zero.

note

This column is only used for Form 433-A (OIC).

Lender/Contract Holder Name:
Enter the full name of the lender or contract holder of the real property.

note

This column is only used for Form 433-A.

Lender/Contract Holder City:
Enter the city name.

note

The Lender/Contract Holder Name
, Lender/Contract Holder Address
, Lender/Contract Holder City
, Lender/Contract Holder State
, and Lender/Contract Holder ZIP
columns are only used for Form 433-A.

Vehicles

Use this statement to enter information about vehicles owned, purchasing, or leasing.

Year / Make / Model:
Enter the year, make, and model of the vehicle.

Mileage:
Enter the current odometer reading of the vehicle.

note

This column is not used for Form 433-F.

License/Tag Number:
Enter the license plate number registered to the vehicle.

note

This column is only used for Form 433-A.

VIN:
Enter the vehicle identification number of the vehicle.

note

This column is only used for Form 433-A.

Loan or Lease?
Enter 1
if the vehicle has a loan against it or 2
if the vehicle is being leased. Entries with a 2
in this column will compute zero in the Equity
and Net Realizable Equity
columns. Leave this column blank if the vehicle is owned outright.

Purch/Lease Date:
Enter either the date of purchase or the date the lease period began.

Current FMV:
Enter the current fair market value of the vehicle.

Quick Sale Value:
The QSV calculates at 80% of Current FMV
.

note

This field is only used for Form 433-A (OIC).

Monthly Payment
Enter the monthly loan or lease payment for the vehicle.

note

When X
is entered in the Transfer tax return and secured debt information
field, data entry in this column is transferred to the Vehicle ownership costs statement for the first allowable vehicle(s) entered. For a jointly filed Form 433, the first 2 vehicles entered will transfer. For separately filed or single Form 433 filers, the first vehicle entered will transfer.

Date of Final Pmt:
Enter the date the final monthly loan or lease payment is/was due.

Equity:
Equity of owned vehicles calculates as Current FMV - Loan Balance
, but not less than zero. Equity defaults to zero for vehicles being leased.

note

This column is not used for Form 433-A (OIC).

Net Realizable Equity:
The NRE of owned or purchasing vehicles calculates as Quick Sale Value - Loan Balance
, but not less than zero. NRE defaults to zero for vehicles being leased.

note

This column is not used for Form 433-A (OIC).

Lender/Lessor City:
Enter the city name.

note

The Lender/Lessor Address
, Lender/Lessor City
, Lender/Lessor State
, Lender/Lessor ZIP
, and Lender/Lessor Phone
columns are only used for Form 433-A.

Who Owns Vehicle?:
Enter T
, S
, or J
to indicate ownership status of the vehicle. The Collection Information Worksheet uses this column to determine vehicle ownership financial standards.

Other assets

Use this statement to enter information about all other previously not entered assets, including assets used in a trade or business.

County Code/County Name:
Enter a code for the County, Borough, Census Area, Municipality, or Parish where the asset is located from the fieldview. The County name displays based upon the code selected.

Loan or Lease:
Enter 1
if the asset has a loan against it or 2
if the asset is being leased. Entries with a 2
in this column will compute zero in the Equity and Net Realizable Equity columns. Leave this column blank if the asset is owned outright.

Purch/Lease Date:
Enter either the date of purchase or the date the lease period began.

Current FMV:
Enter the current fair market value of the asset.

Quick Sale Value:
The QSV calculates at 80% of Current FMV
.

note

This field is only used for Form 433-A (OIC).

Monthly Payment:
Enter the monthly loan or lease payment for the asset.

note

When X
is entered in the Transfer tax return and secured debt information
field, data entry in this column is transferred to the Other expenses statement and coded 1
if the Loan or Lease? column is entered as 1
and the Business Asset?
column is blank. If it is not blank, the transfer is entered on the 433-2 screen.

Date of Final Pmt:
Enter the date the final monthly loan or lease payment is/was due.

Business Asset?
Enter 1
if the asset is for business purposes or 2
if the asset is for business purposes in the production of income. Entries with a 2
in this column will compute zero in the Equity and Net Realizable Equity columns. Leave this field blank if the asset is only used for personal purposes.

Equity:
Equity of owned or purchasing, non-income producing assets calculates as Current FMV - Loan Balance
, but not less than zero. Equity defaults to zero for assets being leased and for business assets used in the production of income.

note

This column is not used for Form 433-A (OIC).

Net Realizable Equity:
UltraTax CS calculates the NRE of owned or purchasing, non-income producing assets as Quick Sale Value - Loan Balance
, but not less than zero. NRE defaults to zero for assets being leased and for business assets used in the production of income.

note

This column is used only for Form 433-A (OIC).

Lender/Lessor City:
Enter the city name.

note

The Lender/Lessor Name
, Lender/Lessor Address
, Lender/Lessor City
, Lender/Lessor State
, Lender/Lessor ZIP
, and Lender/Lessor Phone
columns are only used for Form 433-A.

Household Income and Expenses

Enter information in this section to record the monthly income and expenses of the household for determining collectability.

Income

Wages

Use this statement to enter information about monthly wages.

W2 Unit
: Select the employer from the custom fieldview for this field for which you want to share information entered on the W2 screen. Leave this field blank if you want to enter information for an employer not entered on the W2 screen.

Description
: Enter the name of the payer of the wages.

Amount
: Enter the gross monthly wages.

Providing paystub

Enter X
to indicate that instead of completing Section F in Form 433-F, you are attaching a paystub to Form 433-F. When you enter X, Section F in Form 433-F will be blank; however, this does not affect the calculation of collectability on the Collection Information Worksheet.

Business income (Force)

If data is entered in this statement, the amounts here are used rather than the amounts on the 433-2 screen used to calculate Form 433-A, Section 7, Form 433-A (OIC), Section 6, or Form 433-F, Section G.

Distributions

Use this statement to enter information about monthly distributions from partnerships, S corporations, limited liability companies, and individual retirement accounts.

Additional household support

Use this statement to enter information about any additional support for the household received monthly.

Expenses

Food, clothing, and misc.

Use this statement to enter actual expenses paid monthly or average monthly cost for food, clothing, housekeeping supplies, personal care products, bank fees and charges, reading material, and school supplies.

Code
: From the fieldview, enter the applicable code to indicate the type of expense. The code selected will determine where the expense can be displayed on Form 433-F.

Amount
: Enter the expense paid monthly.

note

Enter 2
in the Force
field to the left if you want the Form 433 to display the amounts entered in this statement rather than the default of displaying the IRS Financial Standard amount from the Food, clothing and misc.
field.

Household and utilities

Use this statement to enter actual amounts paid monthly or average monthly cost for mortgage or rent, property taxes, homeowner’s or renter’s insurance, maintenance, dues, fees, and utilities such as gas, electricity, water, fuel, oil, trash collection, telephone, cell phone, cable television, and Internet services.

Code
: From the fieldview, enter the applicable code to indicate the type of expense. The code selected will determine where the expense can be displayed on Form 433-F.

Amount
: Enter the expense paid monthly.

note

Enter 1
in the Force
field to the left if you want the Form 433 to display the IRS Financial Standard amount from the Housing and utilities
field, 2
to display the amounts entered in this statement. The Force
field supersedes the default calculation of displaying the lower of the two amounts on Form 433.

Vehicle ownership costs

Use this statement to enter actual amounts paid monthly toward a vehicle loan or lease.

note

Enter 1
in the Force
field to the left if you want the Form 433 to display the IRS Financial Standard amount from the Vehicle ownership costs
field, 2
to display the amounts entered in this statement. The Force
field supersedes the calculation of displaying the lower of the two amounts on Form 433.

Vehicle operating costs

Use this statement to enter actual amounts paid monthly or average monthly cost for maintenance, repairs, insurance, fuel, registrations, licenses, inspections, parking, and tolls.

note

Enter 1
in the Force
field to the left if you want the Form 433 to display the IRS Financial Standard amount from the Vehicle operating costs
field, 2
to display the amounts entered in this statement. The Force
field supersedes the default calculation of displaying the lower of the two amounts on Form 433.

Public transportation

Use this statement to enter actual amounts paid monthly or average monthly cost for mass transit, such as buses, trains, ferries, taxis, and subways.

note

Health insurance

Use this statement to enter actual amounts paid monthly or average monthly cost for health insurance premiums.

Allocation to Form 433 (Force):
When filing for a taxpayer with a non-liable spouse, enter the percentage of the household's expense from the Amount
column that you are allocating to Form 433. This percentage overrides the Allocation Percentage for this expense as calculated on the Collection Information Worksheet.

Out-of-pocket health care

Use this statement to enter actual amounts paid out-of-pocket monthly or average monthly cost for prescription drugs, medical services, and medical supplies.

note

Court ordered payments

Use this statement to enter actual amounts paid monthly for child support, alimony, or other court ordered payments.

Code
: From the fieldview, enter the applicable code to indicate the type of court ordered payment. The code selected will determine where the court ordered payment will be displayed on Form 433-F.

Description
: Enter a description of the court ordered payment.

Amount
: Enter the monthly court ordered payment amount.

Child/dependent care

Use this statement to enter actual amounts paid monthly for child or dependent care.

Life insurance

Use this statement to enter actual amounts paid monthly or average monthly cost for whole or term life insurance premiums.

Code
: From the fieldview, enter 1
if the life insurance policy has cash value, 2
to if the policy does not have cash value. The code selected will determine where the life insurance premium will be displayed on Form 433-F.

Description
: Enter a description of the life insurance.

Amount
: Enter the monthly life insurance premium.

Current year taxes

Use this statement to enter information about monthly income, social security, Medicare, and other taxes.

TSJ
: Enter T
, S
, or J
in this column to indicate whether the taxes were paid individually or jointly.

Description
: Enter a description of the taxes paid.

Amount
: Enter the monthly taxes paid.

Delinquent state and local taxes

Use this statement to enter information about the actual amounts paid monthly for delinquent state and local taxes.

Other expenses

Use this statement to enter actual amounts paid monthly or average monthly cost for other previously not entered necessary living expenses.

Code
: From the fieldview, enter the applicable code to indicate the type of expense. The code selected determines where the expense will display on Form 433.

Description
: Enter a description of the expense.

Amount
: Enter the monthly expense amount paid.

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Screen 433 - Collection Information Statement (1040)

Overview

General Information

Other Information

Assets

Household Income and Expenses