IRS Transcript Form 4506  |  IRS 4506 Online  |  Free 4506 T Form  |  Where To Mail Form 4506

IRS Transcript Form 4506  |  IRS 4506 Online  |  Free 4506 T Form  |  Where To Mail Form 4506

IRS Form 4506-T is a transcript of your tax return for a given year. This is different than the Form 4506, which is an actual copy of your tax return, and differs in the following some critical ways;

It is common for a mortgage lender to request that you fill out this form. Mortgage lenders typically have complete Form 4506-T (though some lenders may require Form 4506). The 4506-T allows the lenders to gain access to information about your past few years of tax return transcripts to verify your income.

When Would the Form 4506-T  be Used?

The IRS Form 4506-T is used to access return  records for yourself or to send them to a third party. The “T” in 4506-T stands for a transcript, and typically reports a line-by-line printout of the information you had on past tax returns. You will only be able to the tax transcript for the current year and up to three years prior.  To obtain older records; you would use Form 4506.

There is no charge for obtaining a tax transcript through the Form 4506-T and it will typically arrive by mail in 3 weeks.  Form 4506, on the other hand, costs $50.  It often takes up to 75 days to be delivered. Form 4506-T can also be used to verify with the IRS that you did not file a tax return.  Form 4506-T can also be used to request transcript information from Forms W-2, 1098, 1099, and Form 5498.

Form 4506-T & Mortgages.

Lenders often request Form 4506-T to verify the income you’ve stated on your loan application. Lender use the return transcript information to determine your ability to the loan, as will as other factors such as your credit score.

People that are self-employed or do independent contractor work (ones that don’t issue W-2 forms) are often asked by lenders to present a 4506-T.

• Some lenders may require Form 4506, which is a an actual copy of your tax return, rather than a transcript.
• If your lender does require this form, be sure that you specify the lender’s name on line 5 of Form 4506. Failing to do so could be an information security risk.

Remember because the 4506-T is a tax return transcript, it contains sensitive information about your finances and other parts of your personal identity. It’s a good idea to do extensive research to deteemine how your bank or lender will protect this sensitive information.

What is the Difference Between Form 4506-T and 4506T-EZ?

Using IRS Form 4506-T-EZ you can only requests a transcript of your Form 1040 individual tax return. Form 4506-T is used to request transcripts of Form 1040 personal tax return and/or Forms W-2, 1098, 1099, and 5498.

Note: Form 4506T-EZ includes most lines of the tax return but not all. Form 4506-T provides a line-by-line report of the tax return. Also Note: Form 4506T-EZ also does not include payments, penalty assessments, or adjustments made to the original filing

How Do I Fill Out Form 4506-T?

To get started, you can get a copy of the form directly from the IRS. Then, follow these Form 4056-t instructions.

1. Begin by providing your personal information, including your most current address on file with the IRS.
2. If you lived at another address , previously, list your previous address on line 4.
3. Then, on line 6 enter the tax form number you are requesting a transcript for, depending on whether you are requesting information for personal or business purposes. Check the box for either 6a, 6b, or 6c to indicate which type of transcript data you want to have delivered.
4. If you request a transcript of a W-2 or Form 1099 series, Form 1098 series, or Form 5498 series, leave line 4 blank and check the box on line 8.
5. Lastly, you can enter the period of tax return years you are requesting on line 9 and then sign and date the form to complete the transcript request.

You are now ready to send Form 4506-T directly to the IRS. The IRS has three offices serving different parts of the country.  You will send your 4506-T to the one indicated for your area in the instructions.

How Long Does It Take for Form 4506-T to Process?

Your transcript’s availability date may vary depending on how you filed your original return(s).

• If you filed online, your Form 4506-T will be available between two and four weeks.
• If you mailed in your tax returns, it can take up to 6 weeks

Note that if you have paid your taxes in fulll, your transcript will not be available until you have paid the total amount. Once you have done so, it generally takes another week before transcripts are available for order.

Are there Other Ways I Can Access My Tax Transcripts?

In addition to filling out Form 4506-T, you can receive your tax return transcripts electronically or by mail through the Get Transcript option on the IRS website.

Remember that the primary taxpayer on the return must make the transcript request when using the Get Transcript option either by phone or mail.

Receive Tax Transcript Electronically

You can obtain your tax transcript electronically, allowing you to view, download, and print all transcript types that you can request with Form 4506-T. Be sure to note the username and password you create on the IRS website. You will need it to log back on to ask for another transcript later.

When requesting your tax transcripts electronically through the IRS website, you will need the following information:

• Your Social Security Number, date of birth, filing status, and mailing address from your latest tax return
• A valid email account that you currently have access to
• Your personal account number from a credit card, mortgage, home equity loan, home equity line of credit, or car loan
• A phone number and account in your name

If you wish to receive a hard copy of your tax transcript by mailed, it will take 5 to 10 calendar days to arrive. Note: Return or Account transcripts are mailable, but Forms W-2, 1099, 1098, and 5498 are unavailable by mail.

When requesting your tax transcripts delivered by mail, you will need the following:

• Social Security Number or Individual Tax Identification Number (ITIN)
• Your date of birth
• The mailing address from your latest tax return

Note: The IRS does not call, email, or text requests to update your profile or reminders to access your transcripts. If you receive a message like this, do not respond; it is more than likely a scam attempt.