The Internal Revenue Service, a bureau of the USDT (Department of Treasury), provides a number of documents related to taxation. The most frequently asked questions about one of them, form 4506-T, together with replies are outlined below.
Why Would a Lender Need Form 4506-T?
The document is used for requesting tax return information. The paper enables your lender to check whether the documents you prto prove your income correspond to those owned by the Internal Revenue Service.
What Is the Difference between 4506 T and 4506T-EZ Form?
The main difference between these two documents is that 4506T-EZ cannot be applied if a taxpayer files the template 1040 on the basis of the fiscal year. In this case, 4506-T should be used.
What Documentation Is Needed for Form 4506-T?
In order to complete the Request for Transcript of Tax Return, you need to fill out the fields in the document with the following basic information:
- Name (yours or that of a person requesting a copy of return).
- Social security number of the person whose name you indicated in the previous box.
- Your current address.
- Third party’s personal data (if you want the information to be mailed to them).
- Type of tax form you are requesting.
- Type of transcript you want to receive.
- Date and signature.
How Long Does It Take to Process Form 4506-T?
You have to be ready and understand that the whole process can take up to 60 calendar days.