Frequently Asked Questions About Tax Records

Frequently Asked Questions About Tax Records

Sometimes in life, it’s necessary for you to share your tax records with a third party. For example, if you want to apply for financial aid, the lender might want to see your tax returns to determine your eligibility for receiving such aid. You simply request a transcript of the return by using IRS Form 4506-T, which is free of charge. In the case of requesting financial aid, you can ask to have the transcript sent to you or for it to be sent to your prospective lender. You may have questions about the process, so here is a list of the answers to the top four:

1. What is the Timeframe for Transcript Recipt?Whether you request the transcripts be sent to you or to a third party, they will usually arrive within 24-48 hours after the IRS receives the request for the transcripts. Be careful. There are less-than-savory, fly-by-night operations that promise eight-hour turnaround times. That is not part of the IRS’s program.

2. What Kind of Transcripts Can You Get by Submitting a 4506-T?
There are five possible transcripts available. They include:•1040
•1099You can request any version of the forms listed above.

3. Does it Cost Anything After Getting the Free Form?Prices are variable, depending on your specific circumstances. It’s usually best to contact us for a quote before submitting the order. That way, there are no surprises.

4. What Happens if My Transcript Request is Denied?It’s rare for such a request to be denied, but it does happen. Usually, the chief reason is that you forgot to include your address on the form or included an address that doesn’t match the address on your tax return. Form 4506-T includes a section for previous addresses for just this situation. Also, you should make sure your signature matches that on your tax return and is legible.