Ultimate Guide on Tax Transcript IRS Provides !

The Tax Transcript IRS fulfills almost all scenarios when you may need copies of old tax returns filed with the IRS or other data. 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 or for filing tax return of a deceased person. The good news is that getting a tax return transcript from IRS is quite easy, as online and offline methods are available.

Tax transcript vs. tax return copy?

Let me clarify a confusion. a tax transcript is not a photocopy of the tax return. If you need a copy of your original return, you must file Form 4506 with IRS and pay the requisite fee of $50 per request. But, if you want a tax return transcript, you need to send the request Form 4506T-EZ or Form 4506-T. The difference between these forms- 4506T-EZ or IRS Form 4506-T is that Form 4506T–EZ is only used to request a transcript of Form 1040 whereas the Form 4506–T form can be used to request transcripts of a Form 1040 along with a no-file verification or transcripts from Forms W-2, 1098, 1099 and 5498.

How many years of tax return copies or tax transcripts can you request from IRS?

You can ask only for six years’ tax returns copies of Form 1040, 1040A & 1040EZ. But, in the case of a tax transcript, you can ask for three years plus the current year’s tax transcripts.

How to request a tax return copy?

The process of request for tax return copy is as under :

1. Fill out the IRS Form 4506.  for a copy of the tax return
2. Attach $ 50 per return copy.
3. Send it to the address given in the form itself, but as per your residential address. 

How to apply online for the tax transcript?

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!

How to get a tax transcript by calling or faxing?

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 the tax transcript IRS phone number 800-908-9946 .
• You may also request a transcript by faxing/mailing Form 4506-T, Request for Transcript of Tax Return, as instructed on the form.

What are the types of tax transcripts ?

There are five types of transcripts that you can get from IRS. These are 

1. IRS can provide the most essential document –A tax Return Transcript – that will give 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 transcription for mortgages and student loans.
2. Tax Account Transcript -provides you with the return type, marital status, AGI (Adjusted Gross Income ), and all payment types
3. 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.
4. 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 be completed in July. This transcript is available for up to 10 prior years using Get Transcript Online or Form 4506-T.
5. 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.

How to ask for a jointly filed tax return copy ?

Yes, you can ask for the joint return filed by you. Anyone- husband or wife- can ask for a copy of a joint return. In the request form, both couple signature are not required.

What time does the IRS take to provide a transcript?

The time to provide you with the tax transcripts depends on many factors, like the manner of filing a tax return, whether tax was paid as per the return, etc. Here is the estimated time of delivery of tax transcripts :

• 2 to 4 Weeks – if return was filed electronically 
• 6 Weeks: In you filed a tax return by mail.
• Mid-May or a week after you pay- if you did not pay the tax as per the return

As per IRS, 75 days is the expected processing time for the tax return copy.

How to request a transcript related to a more than four years old tax return?

The IRS tool –Get Transcript Online- provides you with the transcripts for the current tax year and three prior tax years. For any other year, you must fill the Form 4506-T to request a transcript .