Information Needed for OIC Package
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Complete the IRS Forms 433-A(OIC) and 433-B(OIC) as needed.
On the pages that list the income and expenses there is a list of records they
ask you to submit.
Additionally the following list will appear to be quite extensive.
A lot of this may not apply to you.
Otherwise, if you have a complicated financial situation, then there
will be a lot of information requested of you. You will need to provide the
following information that applies to you as best as you can. It may be
necessary for you to obtain some of this information from other sources from
which they may originate.
Copies of
last 6 months bank statements for all bank accounts
IRA, Pension
Plan, 401K, SEP, KEOGH, statements for last 2 quarters
Copies of
Securities: Stocks, Bonds, Mutual Funds, Certificates of Deposit, Money
Market Funds, Government Securities, or any other marketable securities
Copies of all
life insurance policies that reflect any current cash values.
Copies of all
vehicle titles
Copies of all
titles on boats, snowmobiles, jet-ski’s, motorhomes, trailers, ATV's, or any
other titled property.
Copy of home
mortgages or contract for deeds
Copy of
residence lease agreement (if you are renting)
List of all
real property owned, in the US and elsewhere.
Copy of most
recent property tax statements
Copies of
promissory notes on all loans
Copy of last
3 years personal tax returns (Federal & State)
Copies of any
court proceedings or suits; copies of bankruptcies
List of
recent asset sales: name of purchaser, date, market value, amount sold for,
how paid
Listing of
any other assets of value: jewelry collections, stamp/coin collections,
antiques, other collectibles, shop/garage equipment, lawn tractors,
expensive tools, or anything else with more than a nominal value
Listing of
interests in any other property: real estate, partnerships, businesses, etc.
What your interest is, value of your interest, appraisals of such, or copies
of financial statements or tax returns.
Any other
items that could be considered income or an asset: unemployment, social
security payments, potential inheritance, expense account reimbursements,
vacation pay, food stamps, welfare, etc.
Copies of
most recent credit card statements and loan statements
Verification
of loan balances.
Copies of
last 4 most recent and consecutive paycheck stubs
If you own a
business, complete form 433-B(OIC)
Copies of
latest utility bills: Gas, Electric, trash, telephone, water, etc.
Copies of
insurance policies: car, home, health, other.
Copies of
outstanding Doctor & Dentist bills and medical debt not covered by insurance
If
self-employed, copies of your form 1040 ES or EFTPS receipt for each quarter
due to date
Copies of
court ordered payments (copies of the court orders) for alimony and/or child
support
Copies of
receipts or other proof to support the expenses listed Form 433A page 4.
Listing and valuation of household furnishings.
(furniture, appliances, equipment) (garage sale value)
link to donation values.
Other Articles:
(in process of updating and posting to the web. Available when there is a link.)
Necessary and Allowable Living Expenses
Annuitizing Assets to Produce Future Income
Copyright © 2001-2022 Gary W. Lundgren, EA All rights reserved.