Currently Not Collectible: Pay Nothing on Your Tax Debts

Currently Not Collectible: What Does It Mean?

Currently Not Collectible StatusCurrently Not Collectible means that you do not have the ability to repay your tax debts. It is commonly used when you are on a fixed income, or have funds that do not meet basic standards of living. Currently Not Collectible is a code that the IRS will put on all of your tax years should you be able to provide proof that you are financially unable to make a repayment of $50.00 or more per month. Although you may commonly see an Offer in Compromise recommended as a means for settling your tax debt for less than what you owe, Currently Not Collectible is the true settlement. Making NO payments to the IRS is not only settling for less than what you owe, but paying nothing to the IRS!

Currently Not Collectible: How to Qualify

Currently Not Collectible candidates are people who are unemployed, on a fixed income or do not have a significant amount of income. There is no real way to say exactly what the threshold for Currently Not Collectible is, as there are numerous ways a person can qualify. The typical Currently Not Collectible taxpayer is usually the following:

  • Unable to meet all of their standard monthly expenses each month on their current income, or struggles to meet their standard monthly expenses.
  • Possess little assets or equity that would permit possible repayment of the tax debt (access to home equity, IRA's, stock accounts, CD's, or money market accounts
  • Does not have expenses above the standard allowed amounts for items like Housing and Utilities or car payments.

Currently Not Collectible taxpayers are not impoverished. They are simply people who live within their means and are not able to afford the extra expense of an IRS tax debt payment.

Filing Currently Not Collectible? Start Here!  

Currently Not Collectible: What It Means for You

Currently Not Collectible means that you do not make a payment to the IRS for your back taxes due to your inability to pay, but there are other items that come along with the status. If you are accepted as Currently Not Collectible your financial circumstances will be reviewed at least every two years. The IRS will review at recent filed tax return to ensure that you have not had significant increases to income. If the IRS sees that your ability to repay your tax debt has changed, you may be asked to update your financial information. Currently Not Collectible also means that the IRS will file a Federal Tax Lien against you. This does not mean they are taking anything from you, but secures the government's interest in any property you may hold, or possess in the future. The good news is that Currently Not Collectible does not extend the collections statutes, so after 10 years, your tax debt disappears with NO payments!

Currently Not Collectible: How Do I Get Started?

Currently Not Collectible can be difficult to obtain from the IRS. The IRS does not want people to get away with making no payments on their back taxes! Seeking professional tax debt help, if you believe you may be Currently Not Collectible is recommended. We will connect you to a team of Licensed Tax Professionals that is familiar with tax laws and regulations and will help you get approved for Currently Not Collectible if you qualify.

To apply for Currently Not Collectible, taxpayers must complete a 433-A or 433-F (standard collection statements) and all documents to support their request. This means you must send in items like paystubs, bank statements, proof of your expenses and bills. The IRS will commonly check property records (like the DMV) and may run a credit report to ensure your information is correct. If your living expenses are higher than what the IRS will allow for your area, you may not be Not Collectible and may find yourself making a small repayment to the IRS. Be careful when submitting financial documentation to the IRS. A common technique is for the IRS to counteroffer with a much higher, unaffordable payment!

If you believe you may qualify for Current Not Collectible seek professional tax debt help! Never submit financial documentation without having someone in your corner to ensure you will get a tax debt payment you can afford! Fill out the form below or call to be matched with a team of professionals who understand the rules of Currently Not Collectible and will help you get the best resolution!

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