The Wisconsin Tax A 771 form is an Installment Agreement Request that allows taxpayers to propose a payment plan for their tax liabilities. By filling out this form, individuals can formally request to pay their outstanding taxes in manageable installments while complying with state regulations. For those facing financial difficulties, this form offers a structured way to address tax obligations.
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When navigating the complexities of tax obligations, the Wisconsin Tax A 771 form serves as a crucial tool for individuals seeking to establish a manageable payment plan with the Wisconsin Department of Revenue. This form is specifically designed for those who may find themselves in a position of financial strain, allowing them to propose an installment agreement for settling outstanding tax liabilities. As you fill out the A 771, you'll provide essential personal information, including your name, Social Security number, and details about your income and expenses. The form also requires you to outline your proposed payment plan, specifying how much you can afford to pay and the frequency of those payments—whether monthly, bi-weekly, or weekly. It's important to note that a processing fee accompanies the acceptance of your installment agreement, and the Department retains the right to adjust the terms based on your financial situation. Furthermore, while entering into this agreement can alleviate immediate pressures, it does not prevent the filing of delinquent tax warrants, which could impact your credit rating. Understanding these aspects is vital for anyone considering this option, as it ensures you are making informed decisions about your financial future.
What is the Wisconsin Tax A 771 form?
The Wisconsin Tax A 771 form is an Installment Agreement Request form. It allows taxpayers who owe taxes to request a payment plan with the Wisconsin Department of Revenue. This form is essential for individuals who cannot pay their tax liability in full and need to propose a manageable payment schedule.
What information do I need to provide on the form?
You will need to provide personal information, including your name, Social Security number, date of birth, address, and contact details. Additionally, you must include details about your employment, income, dependents, and financial assets and liabilities. Accurate information is crucial, as it will determine your eligibility for an installment agreement.
Is there a fee associated with the installment agreement?
Yes, there is a processing fee of $20. This fee will be added to your balance when your installment agreement is accepted by the Wisconsin Department of Revenue. Be aware that this fee is non-refundable, even if you decide to withdraw your request later.
What happens if my installment agreement is approved?
If your request is approved, the department will send you an installment agreement outlining the terms. You will be required to adhere to these terms, including making payments on time. Failure to comply may result in the agreement being voided.
Can I still file my tax returns while in an installment agreement?
Yes, you must continue to file and pay all taxes as they become due, even while you are in an installment agreement. Your tax refunds will also be applied to your unpaid tax liability and will not count as installment payments.
What if I provide inaccurate information on the form?
If it is determined that the information provided is false or inaccurate, the Wisconsin Department of Revenue reserves the right to void the installment agreement. This could lead to further penalties or collection actions against you.
How will my credit rating be affected?
Entering into an installment agreement does not prevent the filing of a delinquent tax warrant. These warrants are public records and can negatively impact your credit rating. It is important to be aware of this when considering an installment agreement.
What types of payments can I propose?
You can propose various payment frequencies, such as monthly, bi-weekly, or semi-monthly. When completing the form, you will need to specify the amount you wish to pay and the date of your first payment. Automatic withdrawals can also be arranged to ensure timely payments.
Here are some key takeaways about filling out and using the Wisconsin Tax A 771 form:
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Misconceptions about the Wisconsin Tax A 771 form can lead to confusion and potentially costly errors. Below are six common misconceptions along with clarifications to help individuals understand the form better.
This form is specifically for those seeking an installment agreement, but it can also be used by individuals who wish to manage their tax payments more effectively, even if they have the means to pay in full.
Approval is not automatic. The Wisconsin Department of Revenue reviews each request and may require additional information or adjustments to the proposed payment plan before granting approval.
While the fee is charged upon acceptance of the agreement, additional fees may apply if the agreement is violated or if tax warrants are filed against the individual.
This is incorrect. The filing of a tax warrant can still occur, and it may affect credit ratings, regardless of the installment agreement.
Tax refunds will not count as payments toward the installment agreement. Instead, they will be applied to reduce the overall tax liability.
Providing false or inaccurate information can lead to the voiding of the agreement. It is essential to ensure that all information submitted is truthful and complete.
STATE OF WISCONSIN DEPARTMENT OF REVENUE
2135 RIMROCK ROAD PO BOX 8901 MADISON WI 53708-8901 Phone (608) 266-7879 FAX (608) 261-8978 delnqtax@revenue.wi.gov
Installment Agreement Request – Processing Fee Required
The department will inform you if your installment request is approved or if additional information is needed. If approved as proposed, an installment agreement will be forwarded to you. If it is determined that larger payments are necessary or additional information is required, someone from the department will contact you. Be sure to complete both sides of this form.
YOUR INFORMATION
Name
Social Security Number
Date of Birth
Address
City, State, Zip
Phone (
)
Name(s) and ages of dependent(s)
Place of Employment
Company
Job Title /Position
Gross Income
Net Income
Weekly
Bi-weekly
Monthly
Other Income
$
General Assistance
AFDC
Social Security /SSI
Other (specify)
SPOUSE INFORMATION
PROPOSED INSTALLMENT AGREEMENT
/ /
(mo/day/yr)
{
Monthly OR
Semi-monthly
Monthly Automatic Withdrawal
(check withdrawal date)
First Payment / Withdrawal Date
5th
15th
25th
INSTALLMENT AGREEMENT TERMS:
1.A $20.00 fee will be added to your balance when an installment agreement is accepted by the department.
2.An installment agreement will not prevent the iling of a delinquent tax warrant. These warrants are liens against your property and, as public records, may affect your credit rating. The iling of these tax warrants will add additional charges to your balance.
3.Your Wisconsin and Federal tax refunds will be used to reduce the unpaid tax liability and will not be considered installment payments on your agree- ment.
4.All returns and taxes must be iled and paid as they become due.
5.The Wisconsin Department of Revenue reserves the right to void any agreement if it is determined that it was made based on false or inaccurate infor- mation or if there is a material change in your inancial condition.
I/ We have read and understand the terms listed above and wish to enter into an installment agreement with the Wisconsin Department of Revenue. I/ We also attest that the information furnished on this form is true and correct to the best of my/our knowledge.
Your Signature
Date
Spouse Signature
A-771 (R. 4-12)
Please indicate both separate and combined assets and expenses.
Financial Institutions
Balance
Name and address of institution
Checking Account
Savings Account
Other (IRA, CD,
Money Market, etc.)
Life Insurance Policies
Cash
Balance Due
Beneiciary
Amount
Value
on Loan
Yes
No
Have premiums been paid to date?
Motor Vehicles
Make
Model
Year
Fair Market Value $
Balance Due $
License Plate #
Lien Holder
Other personal property (boat, motorcycle, snowmobile, etc.):
Real Estate (If you rent, list name and address of landlord)
Location
Mortgage Holder
Expenses
Please note any payments you
Payment
are behind in and by how much
Mortgage or Rent
Property tax escrow
Auto payments
Gasoline/oil
Utilities: Home Heating
Electrical
Telephone
Water
Cable / internet access
Loans (list)
1.
2.
3.
Credit Cards
. . . . . . . . . Is card still in use?
VISA
MasterCard
Discover
Other:
Food
Entertainment
Insurance (all)
IRS – Delinquent Payment
Other (list)
Total Monthly Expenses. . . . . . . . . . . . . . . . . . . .$
Total Net Monthly Income . . . . . . . . . . . . . . . . . .$
Net Difference . . . . . . . . . . . . . . . . . . . . . . . . . . .$