Rev 488 Form PDF Details

Navigating personal financial management, particularly in relation to tax obligations, can be a daunting task for individuals. The REV-488 form, officially known as the Statement of Financial Condition for Individuals, serves as a critical tool in this process, especially for those seeking to provide a comprehensive overview of their financial status to state tax authorities. This form requires detailed information across various sections, including personal identification, employment details, a complete breakdown of income and liabilities, and even specifics about dependent information. Furthermore, it extends to a thorough analysis of an individual's assets and liabilities, juxtaposed against their income and living expenses, to gauge their financial health accurately. Such detailed requisition necessitates individuals to compile information about bank accounts, real estate holdings, life insurance policies, and other significant financial instruments or obligations like credit lines and safe deposit boxes. As the form also includes sections for additional information that may impact one's financial standing, such as pending court proceedings or health conditions, it obliges the respondent to reflect on diverse aspects of their personal and financial life. The certification at the end of the form, under the penalty of perjury, underscores the seriousness and legal importance of the information provided, driving home the need for accuracy and honesty in its completion.

QuestionAnswer
Form NameRev 488 Form
Form Length6 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 30 sec
Other namesrev 488 fo condition form, pennsylvania rev fo, pa rev 1220 fillable form, pa rev fo

Form Preview Example

REV-488 FO (08-09)

STATEMENT OF FINANCIAL CONDITION FOR INDIVIDUALS

(Ifadditionalspaceisneeded,attachseparatesheet)

1. Taxpayer’s name(s) and address(es)(includingcounty)

2.

Home phone number

3. Marital status

 

 

 

 

4.

Social Security

a. Taxpayer

 

b. Spouse

 

Number(s)

 

 

 

 

 

 

 

 

SECTIONI–EMPLOYMENTINFORMATION

5. Taxpayer’s employer of business (name and address) or

6. Business phone number

7. Occupation

 

 

 

 

 

 

 

 

 

 

 

 

8. Paydays

 

 

 

9. (Checkappropriatebox)

Sole

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wageearner

Partner

Proprietor

10.

Spouse’s employer or business (name and address) or

 

11. Business phone number

 

12. Occupation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13. Paydays

 

 

 

14. (Checkappropriatebox)

Sole

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wageearner

Partner

Proprietor

SECTIONII–PERSONALINFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.

Name, address and telephone number of next

 

 

16.Ageandrelationshipofdependents(exclude

 

 

17. Number of exemptions

 

 

of kin or other reference

 

 

 

husband and wife) living in your household

 

 

claimed on Form W-4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.

Date of birth

 

 

 

a. Taxpayer

 

 

 

 

 

 

b. Spouse

 

 

 

 

 

SECTIONIII–GENERALFINANCIALINFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.

Latest PA income tax return filed(taxyear)

 

 

 

 

 

20. Adjusted gross income on return

 

 

 

21.

Bank accounts (includeSavingsandLoans,CreditUnions,IRAandKEOGHaccounts,CertificatesofDeposit,etc.)

 

 

 

 

Name of Institutions

 

 

Address

 

Type of Account

 

 

 

Account Number

 

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total(EnterinItem28)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22. Bank charge cards, lines of credit, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type of Account or Card

 

Name and Address of

 

Monthly

 

Credit

 

Amount

 

Credit

 

 

 

Financial Institution

 

Payment

 

 

Limit

 

Owed

 

Available

 

 

 

 

 

 

 

$

 

$

 

 

 

$

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total(EnterinItem34)

 

 

 

 

$

 

$

 

 

 

$

 

 

 

$

 

23.

Safe deposit boxes rented or accessed(Listalllocations,boxnumbersandcontents)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24.

RealProperty(Briefdescriptionandtypeofownership)

 

 

Address (Includecountyandstate)

 

a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25.

LifeInsurance(NameofCompany)

 

 

 

Policy Number

 

 

Type

 

 

 

 

Face Value

 

Available Loan Value

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

–Page1–

SECTIONIII–GENERALFINANCIALINFORMATION(continued)

26.Additional Information (Courtproceedings,bankruptcies,repossessions,recenttransfersofassetsforlessthanfullvalue,anticipatedincreases inincome,conditionofhealth,etc.,includeinformationontrusts,estates,retirementplans,etc.,onwhichyouareaparticipantofbeneficiary)

SECTIONIV–ASSETANDLIABILITYANALYSIS

 

(a)

(b)

(c)

(d)

(e)

 

Current Market

Liabilities

Amount of

 

Asset or Liability

Description

 

Value

Balance Due

Monthly Payment

 

 

 

 

 

 

 

 

 

 

 

27.

Cash

 

$

 

 

 

 

 

 

 

 

 

28.

Bank accounts

 

 

 

 

 

 

 

 

 

 

 

29.

Stocks, bonds, investments

 

 

$

$

 

 

 

 

 

 

 

30.

Cash or loan value of insurance

 

 

 

 

 

 

 

 

 

 

 

31.

Vehicles (model,year,license)

a.

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

 

 

 

 

 

 

 

 

32.

Real property

a.

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

 

 

 

 

 

 

 

 

33.

Other assets

a.

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

 

 

 

 

 

 

 

 

34.

Bank revolving credit

 

 

 

 

 

 

 

 

 

 

 

35.

Other liabilities

a.

 

 

 

 

(includejudgements,notes

 

 

 

 

 

 

 

 

 

 

andotherchargeaccounts)

b.

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

 

 

 

 

 

 

 

 

 

 

 

d.

 

 

 

 

 

 

 

 

 

36.

Federal taxes owed

 

 

 

 

 

 

 

 

 

 

37.

State taxes owed

 

 

 

 

 

 

 

 

 

38.TOTALS

 

$

$

$

 

 

 

 

 

 

 

–Page2–

SECTIONV–INCOMEANDEXPENSEANALYSIS

 

(a) Income

 

 

 

(b) Necessary Living Expenses

 

 

 

 

 

 

 

 

 

 

 

47.

Rent/House payment

$

 

Source

Gross

Net

 

 

 

 

48.

Groceries

$

 

 

 

 

 

 

 

 

 

 

 

39.

Wage/Salary (Taxpayer)

$

$

49.

Allowable installment

$

 

Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

40.

Wages/Salary (Spouse)

 

 

50.

Utilities

$

 

 

 

 

 

 

 

41.

Interest - Dividends

 

 

51.

Transportation

$

 

 

 

 

 

 

 

42.

Net Business Income

 

 

52.

Insurance

$

 

(fromFormREV-484orREV-488)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43.

Rental Income

 

 

53.

Medical

$

 

 

 

 

 

 

 

44.

Pension (Taxpayer)

 

 

54.

Estimated tax payments

$

 

Source:

 

 

 

(federal-state)

 

 

 

 

 

 

 

 

 

 

 

 

45.

Pension (Spouse)

 

 

55.

Other expenses (specify)

$

 

Source:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46.

TOTAL

$

$

56.

TOTAL

$

 

 

 

 

 

 

Item 40 should be completed if you are married even if your spouse is not liable for

57.

Netdifference(incomeless

$

the tax. This information is necessary in order for the Department of Revenue to

 

necessarylivingexpenses)

 

calculate household income and expenses.

 

 

 

 

 

 

 

 

 

 

 

 

CERTIFICATION– Under penalties of perjury, I declare that to the best of my knowledge and belief this statement of assets, liabilities and other infor- mation is true, correct and complete.

58. Your Signature

59. Spouse, Attorney or Accountant Signature (POA Attached)

60. Date

–Page3–

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2. Once your current task is complete, take the next step – fill out all of these fields - Wage Earner, Partner, Sole Proprietor, Spouses Employer or Business Name, Employer or Business Street Address, City, County, State, ZIP Code, Business Phone Number, Occupation, Paydays, Fill In Appropriate Oval, Wage Earner, and Partner with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

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3. This next step is related to SECTION IV, GENERAL FINANCIAL INFORMATION, Latest PA Income Tax Return Filed, Adjusted Gross Income on Return, Bank Accounts include Savings and, NAME OF INSTITUTION, ADDRESS, TYPE OF ACCOUNT, ACCOUNT NUMBER, BALANCE, TOTAL Enter in Section V Line, Bank Charge Cards Lines of Credit, TYPE OF ACCOUNT, OR CARD, and NAME AND ADDRESS - fill in each of these fields.

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Those who work with this document often make errors while filling out TYPE OF ACCOUNT in this part. Be certain to revise what you type in here.

4. The next paragraph will require your information in the following areas: BOX NUMBER, SAFE DEPOSIT BOX LOCATION, CONTENTS, Real Estate Property, REAL PROPERTY DESCRIPTION, TYPE OF OWNERSHIP, ADDRESS INCLUDE COUNTY AND STATE, Life Insurance, NAME OF LIFE INSURANCE COMPANY, POLICY NUMBER, TYPE, FACE VALUE, and AVAILABLE LOAN VALUE. Make sure you type in all needed info to go onward.

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5. This last stage to finish this form is crucial. Ensure you fill in the mandatory blank fields, and this includes Additional Information court, SECTION V, ASSET AND LIABILITY ANALYSIS, ASSET OR LIABILITY, DESCRIPTION, CURRENT MARKET, VALUE, LIABILITIES BALANCE DUE, AMOUNT OF MONTHLY, PAYMENT, Cash, Bank Accounts, Stocks bonds, investments, and Cash or loan value, prior to finalizing. In any other case, it can contribute to an incomplete and potentially invalid form!

Cash or loan value, Bank Accounts, and CURRENT MARKET inside pennsylvania rev 488

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