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Entering information on Form 656 in Miscellaneous package

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📊 Step-by-Step Guide

Step 1: Complete Page 1 (Business vs. Individual)

You must mark this form as either Business or Individual.

• If you select the Individual checkbox, you must enter either T for the taxpayer, S for the spouse, or J for a joint return.
• Information carries over from the Main Information Sheet.
• Read each item and select the appropriate checkboxes.
• See the IRS instructions for Form 656 for more information.

Step 2: Complete Page 2 (Applicable information)

Complete all applicable information.

See the IRS instructions for Form 656 for more information.

Step 3: Enter Section VI (Explanation of Circumstances)

Enter the reasons you are requesting an offer in compromise.

Step 4: Enter Section VII (Source of Funds)

Enter the sources of funds that shall be obtained to make the offer in compromise.

Step 5: Enter Section IX (Application Prepared by Someone Other Than the Taxpayer)

Enter the name and address of the person who prepared the application.

Step 6: Enter Section XI (Third-Party Designee)

Select the applicable checkbox to indicate if you want another person to discuss this offer with IRS.

• If you check Yes, enter the name and phone number of that person.

Tags: federal,form