1040-US: 433Wrk Household Income and Expenses worksheet

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Question

How does the 433Wrk: Household Income and Expenses Worksheet calculate?

Answer

The Household Income and Expenses Worksheet displays information from the tax return about the Form 433 filer’s household and converts it into the format required for the filing of a Form 433. Note that not all information required to compute Form 433 calculations of collectability can be found on the tax return, but many can be. Often, this entails less additional data entry on Screen 433, unless more up-to-date information is required.

The Taxpayer and Spouse Annual columns display income and expense information as calculated on the tax return, categorized by Form 433 line items. A statement prints if there are multiple sources of wages, to show which tax withholdings are associated with each Form W2. A statement also prints to show the breakdown of Other income items in greater detail. The Source column shows where on the tax return the information in Annual columns was derived from. The Monthly columns divide the applicable Taxpayer and Spouse Annual columns by twelve months to convert them to average monthly amounts required by Form 433 calculations of collectability. Some of these amounts are used in the calculation of the Collection Information Worksheet, depending on Screen 433 data entry.

Related topic: 1040-US: Forms 433, 433-A, 433-A (OIC), and 433-F; Form 656; 433Wrk FAQs

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