How to use IRS form 4506-T correctly?

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Many people do not know what IRS Form 4506-T is and why fill it out. In this article, I will explain what this form is, who must complete it, and its features.

What is IRS Form 4506-T?

IRS Form 4506-T is a Request for a Transcript of a Tax Return. This form is used to request a transcript or copy of a previously filed tax return from the Internal Revenue Service (IRS). The transcript will include most of the line items from your original tax return, including your adjusted gross income (AGI) and any accompanying forms and schedules.

Who needs an IRS Form 4506-T?

There are a few different situations where someone may need to complete IRS Form 4506-T:

1. Applying for a loan: Lenders may require borrowers to provide copies of their tax returns or transcripts as part of the loan application process. This is particularly true for mortgages and other types of large loans.
2. Verifying income: If you need to verify your income for any reason, you may be required to provide a copy of your tax return or transcript. This could include applying for public assistance or participating in a rental assistance program.
3. Amending a tax return: If you need to make changes to a previously filed tax return, you may need to request a transcript of the original return to ensure that you have accurate information.
4. Verifying tax payments: If you need to verify that you have paid your taxes for a particular year, you may need to request a transcript of your tax return for that year.

What are the features of IRS Form 4506-T?

IRS Form 4506-T is a one-page form that includes several different sections. Here are some of the key features of the form:

Personal information:

The first section of the form asks for your personal information, including your name, Social Security number, and address.

Tax information:

The second section of the form asks for information about the tax return you are requesting. This includes the tax year, the type of return (such as Form 1040), and the reason for the request.

Signature:

The form must be signed and dated to be valid. If you are requesting a transcript on behalf of someone else (such as a spouse or a deceased relative), you will need to provide additional information and documentation.

Third-party authorization:

If you are requesting a transcript on behalf of a third party (such as a lender), you will need to provide written authorization from that party.

Completing the IRS Form 4506-T lines

Now that you understand the purpose and features of IRS Form 4506-T, you may be wondering how to fill it out. Here is a line-by-line guide to completing the form:

Line 1:

Enter your name, as it appears on your tax return.

Line 2:

Enter your Social Security number or individual taxpayer identification number (ITIN).

Line 3:

If you are requesting a transcript for a joint return, enter the name and Social Security number or ITIN of your spouse.

Line 4:

Enter your current address. If you have moved since you filed your tax return, use the address that you used at the time.

Line 5:

Enter the tax form number for the return you are requesting. This is usually Form 1040 but could be a different form if you filed a different type of return.

Line 6:

Enter the tax year for the return you are requesting. You can request transcripts for up to four years.

Line 7:

Check the box that corresponds to the reason for your request. This could include applying for a loan, verifying income, amending a tax return, or verifying tax payments. If you select “Other,” you will need to provide a specific reason for your request.

Line 8:

If you are requesting a transcript for a deceased taxpayer, check the box and provide the date of death.

Line 9a:

If you want a transcript of your tax return, leave this line blank. If you want a copy of your tax return, check the box and enter the tax year you are requesting.

Line 9b:

If you want a transcript of your tax return, check the box and enter the tax year you are requesting.

Line 9c:

If you want a copy of your tax return, check the box and enter the tax year you are requesting.

Line 10:

If you are requesting the transcript for yourself, skip this line. If you are requesting the transcript on behalf of a third party (such as a lender), check the box and provide the name and address of the third party.

Line 11:

If you are requesting the transcript for yourself, skip this line. If you are requesting the transcript on behalf of a third party, check the box and provide the third party’s taxpayer identification number (TIN).

Line 12:

If you are requesting the transcript for yourself, skip this line. If you are requesting the transcript on behalf of a third party, check the box and provide written authorization from the third party.

Line 13:

Sign and date the form. If you are requesting the transcript on behalf of a third party, you will also need to provide your relationship to that party.

Once you have completed the form, you can submit it to the IRS by mail or fax. The IRS typically processes transcript requests within two to four weeks.

IRS form 4506-T is simple and clear

In conclusion, IRS Form 4506-T is a request for a transcript or copy of a previously filed tax return from the IRS. It is necessary for a variety of situations, including applying for loans, verifying income, amending tax returns, and verifying tax payments. The form is easy to complete, with a simple one-page layout and clear instructions for each line. By following the guidelines outlined in this article, you can complete IRS Form 4506-T and obtain the tax information you need. It is important to note that the information requested in IRS Form 4506-T is confidential and protected by federal law. The information can only be released to authorized individuals or organizations as specified on the form. It is also important to be aware that there may be fees associated with requesting transcripts or copies of tax returns, depending on the type of request and the number of years requested.

Learn more about Individual Taxpayer Identification Number