Tax Transcript from IRS: Why, How and From Where
There can be a number of reasons that you may need old tax return copies as filed with the IRS. For example, you may be asked by an organization about proof of filing a tax return, or as a student applying for Free Application for Federal Student Aid (FAFSA®) form, or for obtaining a loan you may be required to submit the tax return copies. Good News is that getting a tax return transcript from IRS is quite easy as there are online and offline methods available.
Table of Contents
Is there a difference between transcript and copy of tax return ?
Yes, a copy of the tax return is provided by IRS if you fill Form 4506 and pay the requisite fee of $50, whereas you can ask for a tax return transcript for free by applying in IRS Form 4506T-EZ or IRS Form 4506-T. Please also note the difference between the forms- 4506T-EZ or IRS Form 4506-T. The Form 4506T–EZ is only used to request a transcript of the Form 1040 individual tax return. but Form 4506–T form can be used to request transcripts of a Form 1040 individual tax return along with a no-file verification or transcripts from Forms W-2, 1098, 1099 and 5498.
How many years tax return copy or transcript can be requested from IRS?
You can ask only for six years tax return which may be 1040, 1040A & 1040EZ.
How to make the request for tax return copy ?
The process of request for tax return copy is as under :
- Fill the IRS Form 4506. for copy of the tax return
- Attach $ 50 per return copy.
Send it to the address as per your residence. This is given in the Form itself. Please also note that there is an online method to ask for a tax return transcript. As per IRS , a total of 75 days is the expected time of processing.
How Can I obtain tax transcript online ?
Absolutely! For this, you register on the IRS online tool Get Transcript Online. After you register, you can view, print, or download all tax transcripts online. You can obtain a transcript of your tax return for free!
There are other ways for a tax return transcript request like
- You may get a tax return transcript and/or a tax account transcript by calling tax transcript irs phone number 800-908-9946 or by mail also.
- You may also request a transcript by faxing/mailing Form 4506-T, Request for Transcript of Tax Return as instructed on the form.
5 Kind of tax transcripts that IRS can provide
There are five kinds of transcripts that you can get from IRS. These are
- IRS can provide most importatnt document –Tax Return Transcript – that will provide you most line items including your adjusted gross income (AGI) from your original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. Usually one requires this transcriptions for mortgages and student loans. .
- Tax Account Transcript – shows basic data such as return type, marital status, adjusted gross income, taxable income and all payment types
- Record of Account Transcript – combines the tax return and tax account transcripts above into one complete transcript. This transcript is available for the current tax year and returns processed during the prior three years using Get Transcript Online or Form 4506-T.
- Wage and Income Transcript – shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Current tax year information may not be complete until July. This transcript is available for up to 10 prior years using Get Transcript Online or Form 4506-T.
- Verification of Non-filing Letter – provides proof that the IRS has no record of a filed Form 1040, 1040A or 1040EZ for the year you requested. You must use Form 4506-T if you need a letter for tax years older than the prior three years.
Asking for a jointly filed tax return
Yes, you can ask for the joint return filed by you. The request can be made by anyone of the couple- husband or wife. It is also not required that the request for the IRS tax return transcript, the request form has been signed by both. It can be signed by one person alone.
Time that IRS take to provide transcript ?
The time is taken by the IRS to provide you with the transcript depends on the manner of filing a tax return or whether tax was paid as per return.
- Electronically filed return takes the IRS to process within 2 to 4 weeks. After that, the IRS provides you a transcript becomes available.
- In case you filed a tax return by mail, it takes about 6 weeks.
- If you didn’t pay all the tax you owe, your transcript may not be available until mid-May or a week after you pay the full amount owed.
How to request a transcript for an older tax year when it’s not available online?
Get Transcript Online, the IRS tool provides you with the transcripts for the current tax year and three prior tax years. If you need it for any other year, apply Form 4506-T to request a transcript for a tax year not available.
