Form 433-A (OIC) for South Carolina 2024-2025

Form 433-A (OIC) for South Carolina: What You Should Know

Form 433-A is used to ensure that you will not lose your right to collect a tax liability you owe. The IRS will collect and verify income, wages and expenses for you. Your financial information is used to determine if you qualify for an offer in compromise (OIC) by filing Form 433-A (which collects financial information). The amount of Form 433-A collected is based on three important factors. First, the amount collected is calculated to include your filing status (your estimated taxable income). Second, the amount collected is dependent on your estimated net income and all applicable deductions. This is because the estimated net income (AGI) is based upon the tax year you file your return. Third, when determining whether you qualify for an OIC, the IRS will take into consideration the total amount you were able to earn before you file your return. Your estimated taxable income is the amount you can expect to earn in the tax year for which Form 433-A is being collected. It does not account for adjustments, such as increases in Social Security withholding, earned income, or expenses. If you know what your taxable income is, you can report this information in the line labeled “Taxable Income.” When you file your tax return, make sure you take into account the income you expect to earn in the following year for which Form 433-A was collected. To report your income, enter the amount in the “Taxable Income” box. Add any other itemized deductions you may have and enter them on this line. If this is your first year filing an income tax return, we will calculate your AGI. If this is your second year filing, we can use your estimated taxable income to make your AGI. This process is known as a “step-up” calculation. Your estimated taxable income is used to calculate tax liabilities in the following tax year. For example, if you expect to earn 2,500 from wages in the tax year, the IRS will calculate your income, deductions, and taxes as follows: Total Income — Tax Form 433-A (OIC) OIC Forms 4331 and 4332 OIC Form 4336 The OIC is an alternative to filing an original IRS tax return, which is called a “paper return,” which is completed electronically. The OIC is different from both regular tax returns and return electronically. The OIC is also different from both original returns and electronically filed tax returns.

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