Sooner or later you may experience the situation when you will have to prove your income. It can be applying for a loan or renting an apartment. Generally in this case you will be asked to provide detailed tax information from the previous years. If you don’t have digital records or paper versions of these documents, ask the IRS to send them to you.
Depending on what document format a taxpayer needs there are two types of applications to be sent. Form 4506-T is a Request for Transcript of Tax Return. It is used to order digital records of income reports that include all schedules and supporting materials for the last three years. An individual will have to wait ten days to get such data.
If you need a copy of the document that reports your income to the IRS, no schedules will be sent. You will get the exact copy filed for the last six years. Generally, such applications are processed within 75 days.
With IRS Form 4506-T you can obtain data necessary for most financial transactions. You can also use this document to designate the third party to receive the data you need.
How to fill out 4506-T?
The filing process won’t take much time. 4506-T is a brief document with nine fillable fields. Download it from the IRS website or complete it online here in PDF format. All versions are printable so you can print them out if you’d like. The minimum data you have to provide is name, address, SSN and Individual taxpayer or employer identification number. See the instructions to define which number exactly you have to enter.
You’re also required to inform the IRS about your current and previous address. If the documents are going to be sent to the third party, provide their location, name, and telephone number. Type in the ending date of the year or every quarter. If you’re completing the document jointly, one signature is enough.
Corporations can also complete the document. Generally, it would be an officer or a person specially designated for this matter. In a partnership any member can sign the document.
Don’t send the document unless you’re sure that all fields are accurately completed. Note that if you need a sample of your W-2 or 1099, contact your payer first. You can get only copies of these documents with all the attachments.
Once Form 4506-T is ready to be sent, mail or fax it to the IRS. The address is identified based on the state a filer lives in or the state the last income report was sent from. There is a full list of the addresses on the IRS website.
It is best to save all the records that concern financial data or your income on a personal computer to avoid problems in the future.
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