Tax Form 4506-T, Request for Transcript of Tax Return
Are you struggling to obtain copies of your past tax returns for important financial decisions? Look no further than the IRS’s Tax Form 4506-T, Request for Transcript of Tax Return. This powerful document allows you to quickly and easily access copies of your previous tax filings, providing peace of mind and crucial information in just a few simple steps. In this blog post, we’ll dive deep into the benefits and processes behind this essential form.
Tax Form 4506-T is essentially a transcript of the tax return for the said year. However, form 4506-T is different from Tax form 4506. There are a few very specific points in which these differ. Let us take a look at some points.
Specifically, one needs a Tax Form 4506-T when one needs to apply for a loan or a mortgage. There are times when an individual might have to file out the IRS form 4506-T; also there are specific cases when one might need to fill out form 4506. Essentially this form allows the lenders to gain access to the individual’s financial records from previous years in order to verify the income with the IRS. Additionally, it also helps you with the loan application, whereas Form 4506-T helps you to attain access to your tax information when you need to fill out a specific return or give certain information to the IRS. Along with helping with the loan application Tax Form 4506-T can also help to gain access to one’s tax information as and when you need to fill out the accurate return or provide certain information to the IRS.
The Uses of Tax Form 4506-T
As mentioned earlier, this is a document that is used to access the financial record either for yourself or to a third party. As for the ‘T’ in Tax Form 4506-T, it stands for transcript. The report comprises a line-by-line printout of the information you need to include on the past tax return. One can only gain access to the tax documentation from the current year for up to three years prior. However, in order to gain access to much older records one needs to file out the tax for 4506.
If you need to acquire Tax Form 4506-T through the mail, it will take approximately three weeks by mail, however, the main cost of the form is free. As for the Tax form 4506, it will cost $50 and can take up to 75 days to arrive. One can also use Tax Form 4506-T in order to verify to the IRS that you have not filed a tax return in the given year. Likewise, you can also request transcript information from the W-2 form, Form 1098 and Form 1099 and Form 5498.
Read More-: Tax Form 5472 for Foreign Owned U.S. Corporations
Mortgages and the Tax Form 4506-T
There are times when Tax Form 4506-T is used by the lenders to verify the income stated by you on your load application. This is a way to ensure that one can repay the amount one intends to borrow. This along with other factors like your credit score, also your yearly income is important in order to determine the individual’s ability to repay. Hence, with the help of the tax transcript, one can easily determine such factors.
Generally, people who are self-employed or work odd jobs, or people who have not issued W-2 forms are instructed by the lenders to present Tax Form 4506-T. In such cases, the self-reported income might not be as reliable from the lender’s perspective.
Note: there are times when the lenders might need you to provide Form 4506, which is essentially a copy of your tax returns, instead of a transcript. While this is not all that common, nevertheless, it can still occur. In case this form has been requested by the lender, it is necessary to specify their name on line 5 of Form 4506. Beware that failing to do so can lead to information security risks.
There are borrowers, whose job needs to issue W-2 forms, hence they do not have to worry about either filing the 4506 or 4506-T forms. However, in case you need to file out any form, you need not worry, as it will not stand against your chances of acquiring the loan, as long as you have been clear and honest about your income.
Also, this is important to bear in mind as Tax Form 4506-T is mainly the transcript of your tax return. It also comprises various sensitive details regarding your finances and the other aspects of your identity. Hence, it is recommended that one carries out extensive research regarding whichever bank, or loan agency you have borrowed the finances from. This will ensure that the sensitive information is retained in good hands.
How to Fill Out the Tax Form 4506-T
While filling out all the forms might not be all that simple, we have enlisted a step-by-step guide on how to do so:
- Start by filling out the form by enlisting your personal information which includes your present address, on the file with the IRS.
- In case you reside in a different address when you filed the tax information, then it is advised to list the previous address on LINE 4.
- On LINE 6, one needs to enter the tax form number that you are requesting a transcript for depending upon whether you are requesting the form for business or personal purposes. One needs to check the boxes for 6a, 6b, and 6c in order to indicate the kind of transcript data that you wish to have delivered.
- In case you are requesting a form W-2 in the transcript, for Form 1099 series, Form 1098 series or Form 5498 series, then you need to leave LINE 4 blank and check the box on line 8.
- Finally, you need to enter the period of the tax return years that you have requested on LINE 9 and sign and date the form in order to complete the transcript request.
Now, you are finally ready to send Form 4506-T to the IRS. There are three offices that serve the purpose in various parts of the country hence it is required that you send the Tax Form 4506-T over to the one indicated in your area. One can also refer to the complete list of addresses and fax numbers for every region from the official website of the IRS.
While the receiving address greatly depends upon the region but also on whether you are filing an individual transcript or not. Hence, ensure to take note of the second chart on the linked page and send the transcript over to the correct location.
The Time Taken: Tax Form 4506-T
The time taken for the processing to complete in the case of Tax Form 4506-T greatly depends upon the manner in which you have filed your taxes. Likewise, the availability date of your transcript may also differ.
- Generally, in case you have filed online then it will take the form to complete the processing in two to four weeks.
- In case the Tax Form 4506-T has been mailed the traditional way, then it can take up to 6 weeks. Once the transcripts are available then it takes about 5 and 10 calendar days for the transcript to arrive.
Also keep in mind that in case you have not paid your taxes completely, then the transcript will not be made available till you have completed the full amount. Once this has been done, it takes an additional week for the transcript to be available for the order.
How to Access MY Tax Transcripts: the other Ways
There is a ‘GET TRANSCRIPT’ option available on the IRS official website, hence one can also receive their tax return transcripts electronically from here. This is in addition to filing Tax Form 4506-T.
If you are using this option either through phone or mail, bear in midland that the primary taxpayer on the return needs to make the transcript request. You will also require access to different information depending on whether you need to receive your transcript by mail or electronically.
The Electronic Platform: Tax Form 4506-T
There are times and cases when a certain individual opts to receive the transcript electronically. This way one will be able to view, print and download the transcript types that you have requested with Tax Form 4506-T. However, be sure to remember or store your username or password when you create the IRS website. This is because you might need to log back into the website in order to request another transcript for another date.
When doing so, you will need to be equipped with the following information:
- The individual’s Social Security Number, date of Birth-DOB, filing status, and mailing address from the latest tax return.
- A valid email account you have current access to.
- The individual’s account number is from the credit card, mortgage, home equity loan, home equity line of credit or car loan.
- A working, valid phone number and account in the individual’s name.
The Traditional Mail: Tax Form 4506-T
In case you wish to receive the hard copy of your transcript through traditional mail, then it will take 5 to 10 calendar days for its arrival. The return or Account transcripts can be delivered by mail. However, this is not the case with Form W-2, 1099, 1098, and 5498.
On requesting Tax Form 4506-T by mail, you will need to equip yourself with the following details:
- The Social Security Number, or the Individual Tax Identification Number-ITIN
- The individual’s Date of Birth-DOB.
- The mailing address from the current tax return.
NOTE: be sure and be aware that the IRS will not call, email or text request to update your profile or reminders in order to access your transcripts. In case you receive such a request, it is advised to not respond, as this can be a scam.
Also Read-: Tax Form 1120-F U.S. Income Tax Return of a Foreign Corporation
Filing tax forms can be a tedious job, however, if you need any help, be sure to reach out 1800 964 3096 to our team of experts and we will be more than happy to assist you.
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💠Frequently Asked Questions💠
What are the main differences between Tax Form 4506-T and Form 4506T-EZ?
One of the main differences between the above two forms is that Form 4506T-EZ is used to request the transcript of your Tax Form 1040 individual tax return. Meanwhile, Tax Form 4506-T can be used to request the transcripts of a Form 1040 individual tax form return or transcript of Forms W-2, 1098, 1099 and 5498.
Likewise, it is essential to note that Form 4506T-EZ comprises most lines from the requested tax return but not all lines. This is greatly different from Form 4506-T which offers a line-by-line report on tax transcripts. Also, keep in mind that Form 4506T–EZ does not comprise payments, penalty assessments, or the adjustments that are made to the original filing in the delivered transcript. In case you need only to file for an individual tax return, then Form 4506T-EZ is the right choice and it also does not require a mine-by-line report.
What is Tax Form 4506-T?
This is essentially a request for tax return information used by the taxpayers using a tax year that starts in one calendar year and ends the following calendar year. These people need to file Tax Form 4506-T in order to request the transcript.
How long does it take to File Tax Form 4506-T?
Generally, it takes about three weeks to file Tax Form 4506-T.
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