Form 4506-T | IRS Form 4506-T Online
The Form 4506-T is an IRS form used to Request a Transcript of your tax return. This form is different from the 4506, which we will go through here.
Typically, this form is used in connection with obtaining lending, specifically a mortgage. The lender will request you sign the 4506-T as it will allow them access to your tax return records for the past few years, usually they prefer to review the last three.
A Form 4506-T can also be used to review a past return in the event you need to file an amended return or if you have misplaced a return and need a copy on file. If you have an online account with the IRS website, you can also obtain these transcripts online versus mailing in this form to request those records.
What is the Purpose of IRS Form 4506-T?
As mentioned, this form is used to obtain financial information and to verify your income or income for someone else. The Form 4506-T is different from the 4506 in that the 4506-T is requesting a “Transcript” (T) of your tax return where the 4506 is to request an actual copy of your tax return you filed. In addition, the 4506-T is a free request, where the 4506 will cost you $50 per return and could take up to 60 days to complete the request. The 4506-T request will take approximately three weeks unless you have an account as you could then obtain the transcripts online.
The IRS Form 4506-T is used to request a transcript that includes data from information returns, such as Form W-2, Form 1099 series, Form 1098 series or Form 5498 series. However, if you are needing to amend a State return, this will not help as it does not show any State or local information. The information is available for the last 10 years, which is sufficient in most cases.
Note: If you have misplaced a copy of your W-2 or Form 1099, obtaining a transcript will not provide copies of these forms, just the information entered. If you need actual copies of these forms, you will need to use Form 4506 and request a copy of your return, which includes all attachments.
Mortgages and Form 4506-T
If you are applying for a mortgage, have applied for a mortgage, or refinanced recently, you would have signed a Form 4506-T.
Mortgage companies, lenders, verify the information reported on your tax return to ensure it matches your application. This is to assist in the prevention of fraudulent applications going through the system. Additionally, obtaining the transcript directly prevents any alterations to the documents.
Along with all the other documents you provide to your lender, these transcripts help in the review of your income, assets, and debts you had submitted on your application. Obtaining these transcripts is a normal part of the lending process and nothing to worry about, unless you were dishonest in what you reported on your application. Otherwise, it’s merely a way for the lender to verify the information reported matches.
As these transcripts contain much of your personal information, such as everything you report on a tax return, there does need to be some care taken when signing this form for a lender. So be sure the lender you are working with has a good record, check their reviews and always examine the 4506-T you are signing to ensure it is your information and not someone else’s.
What is the Difference Between Form 4506-T and 4506T-EZ?
There are two main differences between these two forms. The 4506T-EZ form can only be used to request a tax return transcript for the current and prior three years. In addition, these transcripts will only include the Form 1040, but not the W-2, 1099, 1098 or 5498 series. Lastly, this form will not show payments, penalty assessments or adjustments made to the original return and only for those who file in a calendar year versus fiscal year (which is rare).
As mentioned, the 4506-T can be used to request a tax return transcript for the current and prior three years, but if you are requesting a W-2, 1099, 1098 or 5498 transcript these are available for up to 10 years. Also, it would show payments, penalty assessments and adjustments made to the original return. If you are a fiscal year filer, this form is what you’ll need to file.
How Do I Fill Out Form 4506-T?
To find the most up to date copy of Form 4506-T, obtain a copy directly from the IRS or a tax professional. Then, follow these Form 4056-T instructions.
- As with most forms, begin at the top and enter in your name as shown on the tax return and your Social Security Number. If you filed a joint return, you must enter the name shown first in Line 1a and the secondary taxpayer on line 2a. Enter the secondary taxpayer’s Social Security Number.
- List your current address on Line 3. If you have moved since the filing of the return you are requesting, enter your previous address on Line 4.
- Line 5 is optional, see the instructions attached to the form for more information.
- On Line 6, enter only one tax form number per request. If you need additional forms, fill out another 4506-T for that form.
- Complete the remaining parts of the form depending on what you are requesting.
- On Line 9, if you are requesting a Form 1040 and are a calendar year filer, you would enter a date 12/31/2015.
- Review the form to ensure you have completed all the spaces and checked all the boxes, including the box above the signature. (This one is missed a lot and the form would then be returned to you as not completed).
Once you have reviewed, sign and date the bottom, and now you are then ready to send in Form 4506-T directly to the IRS. There are different IRS offices that serve different parts of the country, so you will need to send your Form 4506-T to the office indicated for your area. A full list of addresses and fax numbers for each region is available on the IRS website.
How Long for Form 4506-T to Process?
According to the IRS, it depends on how you filed the return.
If you filed your tax return via efile, the processing takes anywhere from 2 to 4 weeks.
If you filed your tax return via mail, the processing takes up to 6 weeks.
If you did not pay the tax owed, your transcript may not be available until a few months after that, or a week after you pay the full amount, whichever comes first.
What Are Other Ways I Can Access My Tax Transcripts?
Once your transcript is available, you may obtain it online via the IRS website Get Transcript. There are two options here, Request Online or Request by Mail. If by mail, you can expect the transcripts to arrive in 5 to 10 calendar days to the address that is on file.
Note: You cannot change your address online, and must complete a Form 8822 and mail in.
Request Transcript Online
If you choose this option, this will allow you to view all transcript types that are available. You can then view, print, or download the transcripts. You will need to register to use this service but can then continue to access transcripts with a username and password to return any time.
To access the transcripts online, you will need the following:
- Your SSN, date of birth, filing status and mailing address from latest tax return,
- access to your email account,
- your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan, and
- a mobile phone with your name on the account.
Receive 4506-T by Mail
If you choose this option, the tax transcript will be mailed to your address on file and will take 5 to 10 calendar days to arrive.
When requesting your tax transcripts delivered by mail, you will need:
- Social Security Number or Individual Tax Identification Number (ITIN)
- date of birth
- mailing address from your latest tax return
When requesting transcripts online or via mail, remember the IRS will not call, email, or text you to remind you about these transcripts, provide an update on when they will arrive, or for any other purpose. If you receive a call, email or text from someone claiming to be the IRS, it’s most likely a scam and should be reported here: Reporting Tax Scams