Get What Is Required To Apply For An Offer In Compromise

Filling out the Offer in Compromise application can seem daunting, but this guide simplifies the process for you. By following the steps outlined below, you can ensure that you complete the application accurately and effectively.

Follow the steps to complete the application smoothly.

1. Press the ‘Get Form’ button to access the Offer in Compromise application form and open it in your chosen document editor.
2. Begin by filling in your personal information, including your name, address, and contact numbers. Ensure that all sections are completed accurately.
3. List any dependents living with you by providing their names, ages, and relationships to you in the designated area.
4. Complete the employment section for both you and your partner by providing employer names and addresses, and the duration of employment.
5. Document all bank accounts, including checking and savings accounts, and their current balances. Make sure to include any accounts belonging to dependents.
6. Fill out Schedule 1, detailing your monthly income. Include all sources of income, and calculate the total monthly income at the bottom of the section.
7. Proceed to Schedule 2, where you will outline your monthly expenses. Carefully itemize all expenses and calculate the total.
8. Complete Schedule 3 and 4 by listing any credit cards and loans, ensuring to provide details on balances and payment amounts.
9. In Schedule 5 and 6, provide information regarding any vehicles and real estate owned, including their current values.
10. If living with another individual and paying no expenses, that individual must complete the required statement and sign accordingly.
11. Fill in the Offer in Compromise Information section, specifying the compromise amount, payment terms, and explaining how figures were determined.
12. Finally, sign and date the document, ensuring that both you and your partner sign where required, as this confirms the accuracy of the information provided.
13. Once the form is completed, save your changes. You may then choose to download the form, print it, or share it as needed.

Start completing your Offer in Compromise application online today for a smoother resolution process.