Form 4506-T and Tax Transcript FAQs

Form 4506-T and Tax Transcript FAQs

Q) What is the 4506-T tax form? What is it used for?

Form 4506-T is an official form used to request tax transcripts from the Internal Revenue Service (IRS). Taxpayers, after completing and sending in the form, can receive transcripts of past tax returns from specifically requested tax years. Form 4506-T allows for a third-party to retrieve tax information on behalf of a taxpayer. A taxpayer must still sign and date the 4506-T form in order for the form to be valid in the eyes of the IRS.

Q) What kinds of tax transcripts can be ordered by using form 4506-T?

Form 4506-T is used to request transcripts of certain IRS forms such as W-2s, 1040s, 1120s, 1065s, and 1099s.

Q) How does the 4506-T form differ from the 4506 form?

IRS form 4506 is used to request actual copies of past tax returns. On the other hand, form 4506-T is used to request tax transcripts. A tax transcript is a summary report of information contained within a tax return.

Q) How many years of tax information can be requested with a 4506-T form?

The IRS allows a taxpayer to request transcripts for tax returns filed within the last four years.

Q) Why might the IRS reject a complete 4506-T form?

There are several reasons why a rejection may occur. The writing on a form may be illegible or a provided address may not match the address on a requested tax return. Always make sure information is correct and readable before submitting a 4506-T form.

Q) What is the fastest way to receive a tax transcript order?

A taxpayer who submits form 4506-T directly to the IRS can expect to wait ten to sixty days for a requested transcript. However, an authorized bulk vendor can retrieve requested tax information in as little as twenty-four hours.