What is Form 4506-T?
A 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, and business partnerships.
You can also use the 4506-T form 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 sources you’ve received (Form 1099).
The 4506-T form is commonly used by taxpayers to:
- Qualify for loans (e.g., mortgage, business, and student loans)
- Get financial aid for school
- 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
How Many Years of Transcripts Can I Request?
Form 4506-T allows you to request tax return transcripts from as far back as three years before the current tax year.
The transcripts only reflect what was filed at the time, not any changes that may have occurred after the tax returns were processed.
What’s the Difference Between Form 4506-T and Form 4506?
Form 4506-T and Form 4506 differ in their scope, cost, and purpose.
Scope
Form 4506-T: a request for the transcript of your past tax returns, which is a printout of the line entries filled out at the time.
Form 4506: a request for the exact copies of your tax returns going as far back as seven years. This includes all attachments filed with the tax return.
Cost
Form 4506-T: free to request and takes around three days to deliver
Form 4506: costs $57 and takes up to 75 days to process, but you can authorize the IRS to send it directly to a third party
Purpose
Even though the 4506-T form may be cheaper and more convenient, not all organizations accept the transcripts that you obtain. They may insist on exact copies, which you can only get using a 4506 form.
