| The importance of your income tax forms does not | | | | information about its taxpayer, including current marital |
| necessarily end after filing them. In some cases, | | | | status, and the final adjusted gross income the |
| whether you are interested in a mortgage, automobile, | | | | taxpayer has paid. |
| or bank loan to start your own business, a transcript of | | | | Both of the IRS' transcripts and the account transcripts |
| your last few income tax returns would often be | | | | can be requested by filling out the Form 4506-T, also |
| requested for them to approve your request. This is | | | | known as the Request for Transcript of Tax Return |
| often a way by which banks and loan officers can | | | | form. This process is free for all taxpayers, and is very |
| appraise your financial situation and determine whether | | | | easy to obtain. However, these tax return transcripts |
| or not you are eligible for the loans. It can even help | | | | can be sent to you by the IRS, at a maximum delivery |
| you keep track of the money you have used as | | | | time of two weeks only if it is for the year you had |
| expenses for the past few years, or even discover | | | | filed your tax form, or if you are requesting for tax |
| any errors in the income tax that you have filed, where | | | | returns up to three years previously. If you are asking |
| you could get back a substantial amount of money. In | | | | for a transcript request for a tax form earlier than |
| these situations, it becomes necessary to request for | | | | three years, it will take as long as a month before |
| your old IRS transcript, as your proof. | | | | these can be sent to you, so it is always advisable to |
| An IRS tax return transcript is not actually a replicate | | | | request for final tax return transcript copies of all the |
| of your income tax form; rather, it is a summary of all | | | | tax forms that you have filed for, and keep them in a |
| the details you may need to know about your income | | | | safe place. |
| tax, such as other forms and documents that you | | | | If however, you would like the complete details of your |
| have sent together with your income tax form, or any | | | | tax form, and would like to avail of the actual copy of |
| tax returns that you may have received. If you wish to | | | | the form rather than just the IRS tax return transcript, |
| make any adjustments to your income tax, you can | | | | then you will need to fill out Form 4506, which requests |
| use this form to file for an income tax adjustment | | | | for a copy of the tax return itself. Along with the copy |
| form that would enable you to change the previous | | | | of the tax form, you will also receive a copy of all the |
| form you had. Naturally, the new changes will not | | | | other documents that you have sent, including |
| show up on your IRS tax return transcript, and you will | | | | schedules and other tax forms needed together with it. |
| again need to request for an account transcript, which | | | | This can take as long as up to 60 days for the |
| would then show any modifications that you have | | | | information to be sent to you, and will also cost you |
| made after. This transcript will also show detailed | | | | roughly $39 for each tax form. |