Form 4506-T, titled “Request for Transcript of Tax Return,” is utilized by individuals seeking to obtain transcripts of their previously filed federal tax returns and related tax information from the Internal Revenue Service (IRS).
- What Is IRS Form 4506-T?
- Who Is Eligible to Submit a Request for Transcript of Tax Return?
- How Many Years of Tax Transcripts Can I Request?
- How to File Form 4506-T
- What to Consider When Filing IRS Form 4506-T
- Types of Transcripts
- Form 4506-T Sample
- Differences Between Form 4506-T and Form 4506?
- Urgent Request
- Frequently Asked Questions
What Is IRS Form 4506-T?
Form 4506-T is an IRS form you can use to request transcripts of past tax returns. This form can be used by individual taxpayers, corporations, partnerships, and other business entities.
You can also use Form 4506-T to request transcripts of forms you received for the current tax year, such as a report of wages paid to you (Form W2) or any non-employment-related income you’ve received (Form 1099).
Common Uses
Form 4506-T is commonly used by a primary taxpayer when looking to:
- Qualify for loans (e.g., mortgage, business, and student loans).
- Obtain information including tax filing dates, filing status, dependents, adjusted gross income, and tax liability.
- Apply for federal student aid or government benefits, and file a claim for a refund or abatement.
- Amend a prior-year tax return, complete a current-year tax return, or defend an IRS audit.
- Fulfill requests by government agencies (e.g., United States Citizenship and Immigration Services).
- Resolve problems with previous tax returns.
- Prepare tax material for the IRS to review.
Who Is Eligible to Submit a Request for Transcript of Tax Return?
The form can be filed by:
- Individual Taxpayers: This includes any individual who has filed a personal income tax return (Form 1040). They can request a transcript of their own tax return.
- Authorized Representatives: If an individual has authorized a third party (like an accountant, attorney, or tax preparer) to obtain this information, the representative can file Form 4506-T on behalf of that individual. The authorization typically must be documented, often through Form 2848 (Power of Attorney and Declaration of Representative).
- Businesses and Entities: Corporations, partnerships, and other entities that have filed a tax return can request their own tax transcript. An authorized person within the organization, such as an officer or owner, would typically submit the form.
- Estate Representatives: Executors or administrators of an estate can request tax transcripts relevant to the decedent’s estate.
- Government Agencies: In certain cases, government agencies may be eligible to request tax return transcripts for specific purposes under the law.
- Individuals Requesting Information on Another Person’s Behalf: This is possible in scenarios like a spouse requesting a transcript, but it requires specific authorization or meeting certain conditions (like a joint tax return).
- Financial Institutions: For mortgage or student loan applications, lenders may request tax return information with the consent of the taxpayer.
How Many Years of Tax Transcripts Can I Request?
Form 4506-T allows you to request tax return transcripts from as far back as three years prior to the current tax year.
How to File Form 4506-T
To request a transcript of a tax return using the form, follow these steps:
- Identify the Type of Tax Transcript Needed: The form allows you to request various types of tax-related transcripts; make sure to specify which transcript you are requesting.
- Complete the Form: Fill out the form with the necessary information, including the filer’s name, address, and identifying number (e.g., social security number). Be sure to include all relevant details about the tax return you need.
- Mail the Form or Use Online Tool: Send the completed form to the Internal Revenue Service (IRS) at the mailing address provided on the form. Alternatively, you can request your transcripts online via the IRS website.
What to Consider When Filing IRS Form 4506-T
Consider these factors when filing your request:
Accuracy of Sensitive Information – It is vital to provide accurate information on Form 4506-T. Ensure that the Social Security Number (SSN), Taxpayer Identification Number (TIN), or Employer Identification Number (EIN), and current address details are correctly entered. Any error in these details may result in delays or misprocessing of your request.
Required Signatures – The form must be signed by the taxpayer or their authorized agent if a third party is involved in the request. The signature authenticates the request and grants permission for the release of tax information.
Filing Range – It allows individuals to request tax information typically for the current year and the previous three years. However, requests for older records may be possible depending on the transcript type.
Cost – There is no charge for requesting transcripts through the form. Employers using this form for wage and income transcripts have an obligation to furnish copies to their employees and to the Social Security Administration (SSA) as part of their reporting duties.
Types of Transcripts
Form 4506-T can be used in tax preparation and provides access to various types of tax transcripts:
- Tax Return Transcript: Shows most line items from your original tax return, typically used for mortgage and student loan applications.
- Tax Account Transcript: Includes basic data such as return type, marital status, adjusted gross income, and taxable income.
- Record of Account: Combines information from both the tax return and tax account transcripts.
- Wage and Income Transcript: Lists income-related documents like W-2s or 1099s.
- Verification of Non-filing Letter: Provides proof that the IRS has no record of a filed tax return for the year in question.
Form 4506-T Sample
Below, you can find a sample of the form and download an exact copy as a PDF version.
Differences Between Form 4506-T and Form 4506?
Because of similarities in the tax form number, Form 4506-T and Form 4506 could be mixed up. However, these forms differ in their scope, usage, and cost.
Scope and Usage
Form 4506: This form is used to request a copy of a previously filed tax return, including all attached schedules and forms. This is essentially a photocopy of the entire tax return.
Often used for more detailed purposes such as legal matters, complex tax disputes, or when an exact copy of a previously filed return is necessary.
Form 4506-T: This form, on the other hand, is used to request a tax transcript, which is a summary or an overview of the tax return information. It is not a photocopy, but it includes most of the line items from the original return.
Commonly used for income verification purposes by lenders for loans or mortgages, for student loans, or for simple verifications of past tax information.
Cost
Form 4506 currently costs $43 and takes up to 75 days to process; you can authorize the IRS to send it directly to a third party.
Form 4506-T is free to request and takes around 5 to 10 days to receive.
Urgent Request
To quickly obtain tax information, the IRS provides free transcripts online or via phone at 1-800-908-9946. These transcripts, accepted by immigration services, lenders, and others for income verification, are an alternative to exact tax return copies.
Since 2019, the IRS transcript format safeguards personal information, showing only the last four digits of Social Security Numbers and phone numbers. Full-detail transcripts are available but are mailed only to the taxpayer’s registered address.
When filing the form or its variants in paper format, either spouse can request copies or transcripts of a joint return, with only one signature required. For requests using the Get Transcript online tool, both the primary and secondary spouse on a joint return have the authority to make the request.
Frequently Asked Questions
Will a Transcript Suffice for My Mortgage Lender?
Yes, transcripts are often acceptable to mortgage lenders as an alternative to an exact copy of your tax return. They are specifically designed to provide mortgage lenders with the necessary tax return information of applicants.
Why Is My Lender Asking for Form 4506-T?
Lenders commonly require Form 4506-T during the mortgage application process. It enables them to obtain your tax return transcript from the IRS directly. This step is crucial for them to corroborate the income documentation you submitted with your loan application.
